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03 September 2012

Explosive growth at Castlerock after funding from The North West Fund

Press Release 3rd September 2012

Recruitment specialist Castlerock Recruitment Group Limited is on course to increase turnover by 40% from £15million to £21million following investment from The North West Fund for Development Capital, managed by YFM Equity Partners.

Castlerock provide permanent and temporary staff to clients that include the Ministry of Defence, NHS, HM Prisons and the private sector. The company's management team is made up of Ian Munro, Ian McDougall and Paul Booth. Castlerock is headquartered in St Helens.

The funding has enabled the firm to expand its business by employing additional staff to support recent contract wins, as well as providing extra working capital. The firm has 11 offices across the UK, with the latest additions opening in Cumbria and Stoke-on-Trent. As a result of the increased capacity, the business has boosted its headcount from 88 to 110 in just six months.

This includes the recruitment of former director at Kinetics Group, Thomas Ledson, as group finance director and a new operations director to bolster its senior team.

On the back of the expansion, turnover, which was £15million in the year to March 2012, is expected to reach £21million by March 2013.

Matthew Male at YFM Equity Partners worked on the deal and sits on the board to offer support and guidance to the company. Ian Parsons has also been appointed as a non-executive director and will bring a wealth of expertise after working with a number of healthcare organisations over the past 30 years.

Ian McDougall, director at Castlerock, said: "The funding has enabled us to grow at a much faster rate and has provided us with a fantastic resource to increase the size of our team and boost the company's turnover. Importantly, we also now have the support and infrastructure in place to continue to prosper."

Joseph Bergin head of YFM Equity Partners in the North West, which manages The North West Fund for Development Capital, said: "The difference the funding has made to Castlerock in such a short period of time has been extremely impressive. The business has transformed into one of the UK's leading healthcare recruitment specialists that provides medical locums of the very highest calibre through an efficient, effective and friendly healthcare recruitment service."

The North West Fund for Development Capital is a sub-fund of The North West Fund, which is financed by the European Regional Development Fund and the European Investment Bank.


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