Cordant Group receives key investment after struggling to raise cash
Recruitment firm Cordant Group today received an outside investment necessary to safeguard 45,000 jobs.
Twenty 20 Capital will become the majority shareholder in Cordant Group, which it hopes will enable to company to expand at a later date.
As a result a new investment board and chairman will be appointed. The size of the investment was not disclosed.
“We are pleased to welcome investment from the team at Twenty 20 Capital and look forward to strengthening our valuable ongoing relationships with our employees, clients, and suppliers, and to the communities we operate in,” said Cordant Group boss Chris Kenneally.
“This investment means the business can move forward at an ambitions rate and thrive in the current landscape.”
The deal is set to realise Twenty 20’s combined forecasted revenues of £1.3bn and position it as majority shareholders of Cordant Group, as well as one of the largest privately-owned recruitment businesses in the UK.
“This is a significant milestone for Twenty 20 Capital and Cordant Group as we embark on a new revised business process allowing the group to continue its service delivery to its UK and European customers,” said Tristan Ramus, a founding partner of Twenty 20.
“This investment will allow Cordant Group to re-ignite its future growth as a leader in workforce supply and management.”
The company almost collapsed last month following a row with its lenders.