CY Executive Resourcing Ltd, a specialist recruitment company for the finance and accounting sector, has welcomed new owners following a management buy-out.
Cynthia Parker, who was the founder and chief executive of the Worcester-based company, was helped by Thursfields Solicitors, to sell the business for an undisclosed sum to fellow directors.
The new owners are a three-way partnership formed of Vural Aglamaz, who was deputy chief executive, and business directors Kurt Rimell-Lejeune and Andrew Vaughan.
Speaking on behalf of the new owners, Mr Aglamaz said: “We’re hugely grateful to Cynthia for the work she has done to build and maintain such a reputable and successful business.
“The company today still includes many of the same core people, and this will ensure its exceptional depth of knowledge and quality services are continued for all our customers.”
Ms Parker, who has more than 30 years of experience in the financial recruitment sector, began the business in 1999. The MBO sale of the company’s entire issued share capital was completed on Friday 9 October.
Ms Parker said: “This was a great opportunity for me to take a step back from the company after 20-plus years of focused efforts, and to let the existing skilled management team take the business forward to grow it.”
Tim Edwards, a director of the Corporate Law team at Thursfields, was the lead advisor to Ms Parker, and he was assisted by Lisa Kemp, an associate director in the Employment team.
Tim Edwards said: “This recognised recruitment specialist has built up an excellent reputation in the sector, and we were pleased to help Ms Parker smoothly pass the company on for its future development.”
Also acting on the MBO deal was accountant Aimee Davies from Richards Sandy Partnership, while the new owners’ legal advice came from Andrew Bradley at Bradley Haynes Law.