Nu-Staff, a leading recruitment agency operating across South Wales and the West of England, has successfully completed a management buy-out, facilitated by a six-figure loan from the Development Bank of Wales. This strategic move marks a significant milestone in the company’s journey towards continued growth and expansion.
David Matthews and Paul Fletcher, with the support of GS Verde Group, led the acquisition of Nu-Staff, a business originally established in 1993 by the late John Scriven. With a wealth of experience, Paul Fletcher, who joined Nu-Staff in 2001, and David Matthews, who came on board as Operations Director in February 2021, will now lead the company’s ambitious growth plans, alongside co-Director Michelle Mallett.
Nu-Staff has built a strong reputation for excellence in key sectors such as aerospace, manufacturing, automotive, commercial, and engineering. With offices in Chepstow and Cwmbran, the agency serves a diverse range of clients, including household names and blue chip companies.
David Matthews, Director of Nu-Staff, commented:
“John Scriven was a highly respected and well-liked professional who dedicated 30 years to building Nu-Staff into a trusted recruitment agency. His commitment to matching the right individuals with the right employers was driven by a focus on consistent and quality service.
“For John it was all about reputation and that remains our core value as we begin the next chapter of the business. We are honoured to continue his legacy, ensuring that we remain responsive to the ever-changing needs of our clients and the market.
“We are incredibly grateful to GS Verde Group and the Development Bank of Wales for their unwavering support, which has enabled us to take the business forward.”
Building on its established presence in South Wales and the West of England, Nu-Staff is poised for expansion into new regions and will be welcoming additional team members to support the company’s growth.
Mike Fenwick, Director and Head of Corporate Finance at GS Verde Group, expressed his satisfaction with the successful completion of the management buy-out, noting the importance of maintaining continuity within the business. He also conveyed his excitement about the future prospects for Nu-Staff under its new leadership.
Kelly Freeman, Investment Executive at the Development Bank of Wales, highlighted the vital role recruitment agencies like Nu-Staff play in supporting Wales’ labour market. She praised the company for its resilience and forward-looking approach, expressing confidence in its future success.
The financing for the management buy-out was secured through the £500 million Wales Flexible Investment Fund, which is financed by the Welsh Government and the Development Bank of Wales. This fund provides a range of financial support, including loans, mezzanine finance, and equity investments, to businesses based in Wales, with amounts ranging from £25,000 to £10 million.
