InterQuest Group Plc, the IT recruitment specialist, today announces the acquisition of FJB (Contracts) Limited and Maxridge Limited for a total consideration of up to £1.2m.
 

The Board believes the acquisitions of the two companies will enlarge InterQuest’s contract and permanent recruitment services and will help the Group fulfil its stated strategy of growing organically and by acquisition.

FJB, based in Wickford, Essex, is primarily focused on IT contract recruitment and serves the financial and public sectors. It generated turnover of £5.2m in the year ended 31 January 2005 and a normalised profit before tax of £87k.
 

Maxridge, also based in Essex, is predominantly a permanent recruitment business and focuses on the financial sector. It had turnover of £630k in the year ended 28 February 2005 and a normalised profit before tax of £73k.
 

Fred Banfield and Paul Cressey will join and strengthen the Group’s operational management team.

InterQuest will pay £400,000 in cash on completion and up to a further £800,000 deferred for one year and contingent upon the first year’s earnings. The deferred consideration is payable 83% in cash and 17% in shares.

Gary Ashworth said: “We are extremely happy to make our first acquisitions following our listing in May. Maxridge and FJB fit our criteria of being well run niche businesses and we look forward to growing them within the InterQuest group.”