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Recruitment group in IPO
Article Date: Jun 23 2008UK-based recruitment group ReThink has floated on AIM, raising £804,000 to cover the costs of admission. The company has a market capitalisation of £9.1 million at the placing price of 10p per share.
ReThink provides permanent and temporary recruitment of IT workers through three of its subsidiaries: ReThink Recruitment Solutions, KPC and Integritas Recruitment. It also recruits professionals for the construction sector through Rebuild Recruitment Services, while a further arm of the company, Aiimi, offers managed services such as employee incentive schemes.
Managing director Jon Butterfield says that the sectors in which ReThink operates ‘continue to see healthy levels of business’ despite a slowing economy. Companies are still looking to IT to drive efficiencies, says Butterfield, while demand for professional-grade construction staff is still strong.
He adds that the company is involved in developing incentive management software in partnership with US group Callidus Software.
Almost three-quarters of ReThink’s shares remain in the hands of the company’s directors following the initial public offering (IPO).
The company has 140 employees based in Manchester, London, Bristol and Birmingham. In 2007 it generated turnover of £28.1 million and pre-tax profits of £1.1 million.
