Embargoed for 7.00 a.m.
17th November 2004
STRATHDON INVESTMENTS PLC
Second Portfolio Realisation since Merger
Strathdon Investments plc ("Strathdon"), the technology investment firm, today
announces that it has sold one of its portfolio companies BHR Consultants
Limited, the strategic HR consultancy, to Capital Consulting Limited. This
represents the second successful realisation from Strathdon's portfolio of
unquoted investments since its merger with Invesco TechMARK Enterprise Trust
plc in June 2004.
Under the terms of the transaction, Strathdon received a gross nominal
consideration of £965,000, resulting in a realised capital gain of £289,000.
Strathdon has reinvested the proceeds in Capital Consulting and will hold 14.5%
of the preference share and 1.75% of the ordinary share capital in the company.
Capital Consulting is one of the UK's leading recruitment process outsourcing
(RPO) specialists - a position which has been consolidated following its £18.5
million merger with Renoir Christian & Timbers, an executive search firm and
BHR Consultants. The new company provides a portfolio of value-added services
to clients, delivering a competitive advantage in the recruitment, development
and retention of professional staff and management. Its blue-chip clients
include Vodafone, Britvic and Whitbread. As part of the transaction, Granville
Baird Capital Partners has also invested £5 million in Capital Consulting.
Strathdon first invested in Business HR Limited in March 2001 to fund the
Group's development of a web and telephone-based outsourced HR business. It
subsequently built a strategic HR consulting practice, developed in parallel
with the core outsourced operations business. The strategic HR consulting
practice was demerged from Business HR Limited in September 2004 to form BHR
Consultants Limited, which has now been sold to Capital Consulting.
The remaining business, Business HR Solutions Limited, continues to provide
outsourced HR management services and support to clients via the internet and
telephone. Clients range across the whole SME sector and recently have expanded
to include larger mid-sized corporates employing up to 4,000 people and joint
ventures with larger organisations that have a national distribution network.
Strathdon holds 30% of the issued share capital of Business HR Solutions.
Hugh Stewart, Strathdon CEO, commented: "We are pleased to have made another
successful realisation from our unquoted portfolio. In addition, we have the
highest regard for the Capital Consulting management team and believe the
business is well positioned for growth in an attractive new market."
- Ends -
For further information:
Strathdon Investments plc 01962 870 492
Hugh Stewart, CEO (hugh.stewart@strathdon.com)
Merlin (PR advisers to Strathdon) 020 7653 6620
Vanessa Maydon 07802 961 902 (vmaydon@merlinpr.com)
Rebecca Penney 07795 108 178 (rpenney@merlinpr.com)
END
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