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Management buy-in positions Resource Services Group for growth

Two new contracts announced in Northern Ireland

Resource Services Group, the provider of essential support and business-critical services to the private and public sector in the UK and Ireland, has announced completion of a management buy-in and the strengthening of the group’s balance sheet.

The current management of the group, led by CEO Dave Seaton, has acquired the group’s equity held by the previous investors and has significantly improved the group’s debt gearing in the process. Mr Seaton said the restructuring would enable the company to accelerate its growth plans.

Resource – with its unique geographical footprint across the UK and Ireland along with expertise in several growing niche markets – is focusing on segments of the support services market where it has an established reputation for its skills. These include policing and justice services, hospital infection control, the education sector and private sector outsourcing. The company also announced two major business wins – a contract to provide cleaning services for 230 Northern Ireland Civil Service premises in Northern

Ireland worth £2.5m over two years and the renewal of a £1.5m three-year cleaning contract with Queen’s University Belfast. Mr Seaton said: “The pressures on public expenditure in both the UK and Ireland and greater private sector involvement in delivering public services present us with very real opportunities to grow the business. We are also strengthening our capabilities in London and the South East of Britain where there is a potential to grow volume that we have yet to fully exploit.

“Over the past couple of years the task of the current management has been to complete the integration of the group’s previously acquired companies, enhance the group’s processes and shape the strategic direction of the business. “This has been achieved and, with a strong balance sheet and good cash position, we are well placed to target the specialist areas of the market where we have clear advantages over our competitors.”

Mr Seaton said the company had received excellent support from its bankers, Anglo Irish Bank, in developing a

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new equity structure.

“I believe

completion of the buy-in represents a solid vote of confidence in our ability to take the business forward at a time of

significant growth opportunities,” he said.

Dave Seaton

As well as Mr. Seaton, the buy-in team includes the other five members of the Group board, Ray Foran, Andy Vaughan, Debbie Donnelly, Nigel Barker and Ricky Gray, as well as a number of other senior managers from various divisions of the Group.

Mr Foran is Managing Director for the island of Ireland; Mr Vaughan is Managing Director in Gt. Britain; Ms Donnelly is Human Resources and Business Improvement Director; Mr Barker is Chief Financial Officer; and Mr Gray, a former Deputy Chief Constable of Strathclyde Police, is non-executive director.

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