Sale of Firstpoint Healthcare Limited to Servoca PLC
19-Oct-2007
We are delighted to announce that Buckingham Corporate Finance acted as financial advisors to the Board of Firstpoint Healthcare Ltd in the sale of its business and trading assets, which have been acquired by Servoca PLC.
Firstpoint provides recruitment services in respect of specialist theatre nurses, general nursing and nursery nurses and trades from three locations which are based throughout the UK. It employs 21 staff and in the year to 31st December 2006, reported a turnover of £9m. Firstpoint’s main clients are the National Health Service, Primary Care Trusts and private care providers.
The business had lost turnover through having been excluded from a number of ‘framework agreements’ and whilst remaining a highly regarded niche supplier of specialist staff, it was facing financial difficulties. To maximise the value of the business a competitive auction process was designed. Mike Simson and Ian Leaman of Buckingham Corporate Finance commenced the assignment in early August 2007 and after a high level of interest from several potential acquirers were able to complete a transaction on 28th September 2007.
