Solihull-based recruitment firm to create ‘new model’ international recruitment business following £730k MEIF investment
Quantum Group to futureproof its business by launching ‘new model’ business.
Solihull-based executive recruitment firm, Quantum Group Solutions Limited, has secured its first round of investment, totalling £730,000 from the Midlands Engine Investment Fund (MEIF) through venture capital firm, Midven.
Quantum specialises in global executive recruitment and outplacement, successfully delivering projects across Europe, Asia, North and South America. The firm covers an array of sectors including technology, industry, energy, infrastructure, transport and pharmaceuticals.
Quantum is set to use the funding to develop a new business that will futureproof the organisation and develop a ‘new model’ for the recruitment industry. This will enable Quantum to continue its growth journey and support accessing further investment in the future.
Quantum Network Solutions (QNS), will be launched in January 2021, QNS is a new business set up to offer the current and upcoming generation of recruiters a ‘new model’ of working in recruitment where they have complete freedom and control of their own destiny.
The new model perfectly suits the current trend for working from home, self-employment with an emphasis on work-life balance.
The business will essentially attract a number of entrepreneurial professionals who want to set up their own recruitment business but don’t necessarily want to manage all of the back-office functions. They will have the opportunity to work inside a larger organisation with the reach and expertise whilst developing their own business and possibly their own team.
QNS will offer a fully integrated solution to allow them to be part of a global organisation whilst maintain and developing their own business stream and future.
QNS will provide the ‘Networkees’ business mentoring, HR, Training & Development, Credit Control, Finance Management, Marketing etc that will enable them to concentrate on delivering exceptional service to our clients across the globe.
Tony Wright, founder of Quantum Group said: “The injection of cash allows us to build on the exceptional and unique culture of the business and to develop the Quantum Network Solutions business whilst we also grow our core international recruitment business. The QNS business is expected to provide a strong recurring revenue base over time, while also enabling our company to expand its portfolio, and we are excited to see where this leads us in the future.
“We are honoured to have received this investment from Midven through the MEIF as it allows us to remain leaders in our sector and supports our entry to new and thriving markets where we believe recruitment will be leaning towards in the future.”
Surjit Kooner, Investment Director of Midven said: “Quantum provides the MEIF and West Midlands Equity Fund with an exciting opportunity to support an established business with ambitious growth plans. With an experienced management team, and existing customer base, the company is now looking to accelerate growth across permanent and interim solutions.”
Ken Cooper, Managing Director at the British Business Bank, said: “With the MEIF contributing to 20 per cent of total equity finance deals across the Midlands, this latest investment in Quantum is a great example of how the Fund can help established businesses to realise their growth ambitions.”
Pat Hanlon, Director for Access to Finance at GBSLEP, said: “Quantum has experienced great success in its first 20 years of trading and we’re pleased to see this funding being put in place to help expand its services and provide jobs for local people.
“This is a fine example of the type of investment which is available to businesses within Greater Birmingham and Solihull. Regardless of whether it is to help develop a start-up or an expansion of a well-established SME, there are a multitude of options available to help grow businesses.”
MEDIA CONTACTS
Quantum Group Solutions Limited:
Tony Wright,
+44 7968 727313
twright@quantum-people.com
Midven:
0121 389 2783
About Quantum Group Solutions Limited
Quantum Group Solutions was established in February 2000 to provide executive search and recruitment services on a global scale. The Company is focused on the permanent recruitment of mid and senior level executives across a range of sectors with a specialism in technology, transportation and industrial sectors. For more information about Quantum Group Solutions Limited, please visit https://quantum-people.com/.
About Midven
For more than 25 years, leading Birmingham-based venture capital firm Midven has been supporting Midlands SMEs, investing more than £60m into the region and raising £200m co-investment into their portfolio. Midven’s ‘more than money’ approach helps to build strong and successful companies and support businesses every step of the way. Midven continues to extend its reach to invest in the Midland’s most ambitious entrepreneurs through its recent appointment to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF), as well as the launch of the firm’s first Enterprise Investment Scheme (EIS) fund. For more information about Midven, please visit www.midven.co.uk.
About the Midlands Engine Investment Fund (MEIF)
- The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
- The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The programme will continue to spend to the end of 2023.
- The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit gov.uk/european-growth-funding.
- The Government has guaranteed all funding allocated through EU programmes until the end of 2020. https://www.gov.uk/government/news/funding-from-eu-programmes-guaranteed-until-the-end-of-2020
- The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit eib.org
- The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes are supporting more than £7.2bn of finance to over 93,000 smaller businesses (as at end of September 2019).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
- The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at thebusinessfinanceguide.co.uk/bbb.
- The new British Business Bank Finance Hub provides independent and impartial information to high-growth businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, none of which are authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.