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Engineering recruitment company Fircroft is targeting opportunities in China and India, as it looks to surpass the £1 billion sales barrier for the first time, according to the Manchester Evening News.
The firm, founded in Sale in 1970, saw its sales and profits jump by a third last year. Turnover rose +32% to £725 million and gross profit increased +30% to £49 million. Fircroft is now one of the largest staffing firms in the world and specialises in recruiting technical staff for the oil & gas, automotive, power & energy, mining, and general engineering sectors.
This announcement comes 12 months after Fircroft brought in outside investment to help support its expansion into China and India. Private equity firm, Equistone, bought a significant minority stake in Fircroft under a £140 million deal.
Jonathan Johnson, CEO of Fircroft, said: “One reason for bringing (Equistone) onboard was to allow some older shareholders to leave so they could crystallise some money. That allowed us to do that and retain money in the business for growth. Another reason for securing the investment was to bring more experience of growing a business of this size. And if we want to acquire businesses, we’ve got the firepower.”