Multi Group to acquire medical recruitment firm Global Medics

Multi Group to acquire medical recruitment firm Global Medics

	Published : Thu, 29 Dec 2005 14:05 By : Andrew Stead Print this Story

LONDON: Global Medics, a company that specialises in recruiting foreign doctors for British hospitals and health institutions, is selling itself to recruitment firm Multi Group for 13.7 million pounds. The sale will make the 30-year-old founder of Global Medics, Justyn Randall, richer by almost 7 million pounds.

Randall, who left his IT recruitment job in 2002 to set up the company, owns 50 per cent in the venture. The sale deal provides for him to join the Multi Group board and oversee day-to-day operations of the group’s medical businesses on a salary of 100,000 pounds.

Leatherhead, Surrey-based Multi Group will pay 9.6 million pounds on completion of the deal and a subsequent 4.1 million pounds depending on Global Medic’s performance for the current financial year, ending May 2006.

Global Medics provides consultants and senior medical professionals for U.K. hospitals and more than 95 per cent of its recruitments are for the National Health Scheme. It also handles placements of nurses and social workers for hospitals and care homes.

Apart from Randall, the company has two other stake holders -- Nasir Ahmed and Azhar Hussain, each owning 25 per cent. Its offices are located at Keighley, Yorkshire and London in the U.K. and in South Africa and representations in Australia, New Zealand, Germany and the Netherlands.

Global Medics helps the candidates it has placed in opening bank accounts and understand the systems, especially the tax system, in Britain. It also undertakes police and reference checks for the recruiters.

The company made profits of 1.3 million pounds for the year ended 31 May 2005 on revenues of 9.3 million pounds.

Randall said it was not part of his plan to sell, but the market forces had led to this decision. "We feel we will be better off as part of a larger business."

Multi Group is listed on the AIM exchange. It is expected to place 100 million shares at 1.5 pence to fund the cash part of the deal.