Innecto advised by Shaw & Co on sale to AIM listed Personal Group
Shaw & Co is pleased to announce that it has advised Innecto People Consulting Limited (‘Innecto’) on its sale to AIM listed Personal Group Holdings PLC (‘Personal Group’) in a deal worth £3m.
Deborah Frost – founder of Innecto People and incoming CEO of Personal Group
Innecto, which is registered in Swindon with offices in Marlborough and London, has been acquired by Personal Group, subject to shareholder approval. Innecto is to be acquired from Deborah Frost and Justine Woolf.
Personal Group also announced that Deborah Frost, who is a non-executive director of Personal Group as well as the majority owner of Innecto, will be appointed as chief executive of the group with effect from completion of the acquisition. Frost replaces outgoing chief executive Mark Scanlon.
Frost and Woolf are subscribing for new ordinary shares in Personal Group
For the year ended 31 March 2018, Innecto generated unaudited sales and profit before tax of approximately £1.6m and £400,000, respectively.
Personal chairman Mark Winlow said: “We are delighted to welcome Deborah as Personal Group’s new chief executive. Her wealth of experience in the reward and performance sector, as well as her contribution to the board since 2015, mean she is well-placed to lead the company through the next stage of its development. I would like to thank Mark Scanlon for his immense contribution and leadership of the company over the last six years. We wish him all the best for the future.”
Frost added: “I am honoured and excited at the prospect of becoming chief executive of Personal Group. Having served on the board as non-executive director since 2015, I have seen first-hand the business’s talented team and management, brilliant culture, and strong growth potential. I look forward to building on Mark’s achievements and continuing the board’s strategy to establish Personal Group as a leading provider of employee insurance, benefits and reward.”
The deal was led by Myles Hamilton of Shaw & Co on behalf of the shareholders of Innecto.
Legal advice was provided to Innecto and its shareholders by Roxburgh Milkins and Thrings.