September 22, 2016 – U.K.-headquartered executive recruiter Norman Broadbent has raised more than $3 million from new and existing equity investors to fuel future growth plans. The investment comes from a range of high profile investors, including Miton and City Financial Investment. Backing was also secured from existing investors, including Jon Moulton (a substantial shareholder of the firm), Downing LLP and Ennismore Fund Management.
“2016 looks to be a transformational year for Norman Broadbent Group,” said Mike Brennan, group chief executive officer. “Not only have we attracted new investors but our existing ones have also backed management’s vision. Our ambitions for the future have landed well in the market and we are attracting strong talent keen to be part of the Norman Broadbent story.”
Use of Funds
The firm’s investment plans include strengthening the core Norman Broadbent executive search business. Mr. Brennan also intends to broaden the firm’s overall client offering by investing in the growth of the firm’s interim management business and NB:Solutions. Since the Brexit vote last June, businesses in general have slowed or delayed decisions on making permanent hires. That decision, according to London-based recruiters, makes interim solutions an attractive option. Temporary workers, the theory goes, can come on board and keep critical initiatives buoyant, but they can be shed without financial consequence.
While Mr. Brennan’s intention is to organically grow the firm, he is not ruling out smaller acquisition opportunities now that proper funding has been put in place. But the money raised will also be used to lure more consultants on board over the next two years and to increase research and support staff.
Krystyna Nowak, managing director and head of Norman Broadbent’s board practice, said it is an exciting time to be part of the firm. “Although we have a very clear growth strategy for the future, our culture, values and commitment to the highest standards of professionalism remain unchanged.”
More Hiring Expected
In what is likely to be the first in a string of new hires, Norman Broadbent just named Tim Kemp as a managing director within its HR and professional services practices.
Mr. Kemp brings a wealth of experience from within the industry, having served as a partner with CTPartners and before that serving as a senior partner with Korn Ferry. Prior to entering executive search, he was a partner at both PWC and Towers Perrin. Earlier in his career he was also a director of professional services firm Deloitte. Besides his private sector experience, Mr. Kemp also worked as a director within the cabinet office for HM Government.
“Tim’s wealth of experience and industry knowledge, both as a former HR practitioner and ‘Big Four’ management consultant, adds tremendous additional experience to our well regarded HR, professional services and board advisory practices,” said Mr. Brennan. “Tim’s appointment is another sign of our ability to attract the very best talent and our strong desire to build on our 33-year history.”
Mr. Kemp, for his part, said he was proud to be joining a great “British brand name” that has “a well-deserved reputation for service, discretion, delivery and quality.”
It was only five months ago that Norman Broadbent named Mr. Brennan as its CEO. He has a wealth of experience built up over 20 years within the global executive recruitment market and more recently the broader recruitment process outsourcing (RPO) field. He brings significant market and entrepreneurial experience to the firm.
Previously, Mr. Brennan served as director and global client partner / global head of executive talent & competitive intelligence at Alexander Mann Solutions. He also co-founded and served as CEO of Human Capital Resources.
Norman Broadbent is a human capital consulting firm which provides a broad range of people solutions. Its specialties include board and executive search, board assessment and leadership consulting, interim management, as well as coaching and mentoring services.
Contributed by Dale M. Zupsansky, Managing Editor, Hunt Scanlon Media