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Anyone want to buy a financial services recruitment firm?

Hiring may have resumed at a senior level, but it’s not much consolation to financial services recruiters who’ve spent the past 18 months struggling for survival. In the absence of a widespread return to recruitment, many are now opting for consolidation.

In the past few weeks, Korn Ferry has betrothed itself to Whitehead Mann, and Hanover Search & Selection has done the deed with Napier Scott.

Future spin offs may yet include Correlate Executive Search (formerly Akamai and Alexander Mann) after its new owner Hexagon Human Capital reported a loss of £5.5m after tax in the last financial year.

However, Hexagon CFO Carl Thompson said there are no plans to spin off Correlate and that the company is looking strategically at all its businesses as it positions itself for the future.

Thompson also pointed out that Hexagon’s loss was due to a one off impairment charge of £7m.

Comments (14)

Comments
  1. interesting article

  2. the S3 group (huxley, computer futures, pathway, orgtel etc.) is also up for sale. Adecco showed some interest then pulled out.

  3. check your facts Sarah – the annual report you’ve posted a link to states that Hexagon made a profit of 5.9m (EBITA). you’ve revealed that your own report is grossly inaccurate.
    sloppy work

  4. I would politely recommend you read the results again – Total net debt and deferred consideration REDUCED by 5.5m (29%) to 13.7m (2008: 19.2m)

  5. Correlate Search actually made a profit last year!!!!!!

  6. @Me. I’ve checked the facts, and the Hexagon report shows a loss after taxation of 5.6m after tax, following a profit of 1.87m the previous year. It also shows that the executive search business made a loss of 1.5m before interest and tax, following a profit of 1.4m the previous year.

    However, as the text now points out, Hexagon’s loss was largely due to 7m of impairment charges, of which 2.8m were attributed to the executive search business.

    Sarah, Editor, eFinancialCareers Reply
     
  7. Me so retard – learn to read a P&L – Net loss of 5,567k – As far as i can see Sarah never said operating loss

    And what’s with the attitude?

  8. so professional….NOT! readers correct the article writers..

    Sarah you are the weakest link!! TARRA

  9. How much longer can the Hexagon shareholders continue to prop it up?

  10. @Kolabrou – thank you for the analogy with teatime television. If you read the comments again, you may note that the P&L figures given in the article were correct initially. However, I’ve added some extra information at the request of the parties concerned.

    Sarah, Editor, eFinancialCareers Reply
     
  11. Sarah – have you not got anything better to write about?

    Veritaslosthisjob Reply
     
  12. Hey dudes, all this talk of being bought out or consolidating makes me think there is something tangible and real in this business? The only real asset are the people, and since there were none left by the time Hanover bought Na[pier Scott, one wonders how much they paid for the ‘firm’ , and what they bought!! Mind you if we head-hunters were any good at valuing assets, I guess we would be asset managers or some other honourable profession

    PS I am for sale , offers welcome… or perhaps I’ll put the firm up for auction. Now where is that DCF spreadsheet

    Desperate headhunter Reply
     
  13. @Marvin – confident comments about S3. If true they would have had to say something to the stock exchange. What’s your source?

  14. Sarah, how do you put up with these rude people?

    Guys. if you enjoy the content say so and recommend to others. if you have criticism – be constructive. if u need to be rude, go elsewhere

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