Personal Group announce intention to acquire Innecto Reward Consulting
In a statement to the London Stock Exchange this morning, the AIM listed plc Personal Group Holdings announced their intention to acquire the UK’s largest independent pay and reward consultancy Innecto Reward Consulting.
Led by founder and CEO Deborah Rees-Frost, Innecto have built on their reputation for commercial, innovative consultancy and digital solutions to become the partner of choice for fast growth SMEs and large corporates across the country. Working with high-profile clients such as ITN, Caffè Nero, the National Trust, Boden, SkyScanner and Arsenal Football Club, Innecto have pioneered the use of pay and reward to drive productivity and deliver operational efficiency.
Having worked as a Non-Executive Director with Personal Group since 2015 Deborah had no doubts that this was the right move for Innecto and their clients:
“There are so many synergies between the two companies; our services, ethos and approach marry together perfectly and together we are able to offer our joint client base complete reward and benefit solutions, comprising of market leading consultancy and a truly unique digital offering.
“The acquisition of Innecto by Personal Group provides us with the ideal platform for continued growth. These are exciting times for Innecto, Personal Group and our clients.”
Whilst stronger together, Innecto will remain as a limited company and, in other exciting news, the acquisition will see Deborah move across to take the role of CEO of the whole Personal Group Holdings plc, replacing the current CEO who announced his intention to set down on 18th September 2018. Mark Winlow, Personal Group’s Non-Executive Chairman to the Board, observed:
“Deborah’s unparalleled industry knowledge, leadership skills and commerciality have guided Innecto to recording 33% growth in turnover in the last year alone. Deborah is a proven business leader and her time on the Personal Group Board gives her invaluable knowledge of our Group activities and how we work as an organisation. Deborah is the ideal candidate to lead us through the next stage of our development.”
In her role as CEO of Personal Group Holdings, Deborah will continue to oversee the development and growth of Innecto. Client Director Justine Woolf will fulfil the position of Director of Consulting whilst Marketing Director Karen Thornley will take on the role of CEO. Karen brings over 20 years’ sales and marketing experience to the role and is committed to fulfilling Deborah’s vision and driving the business forward. Karen commented:
“We’re all delighted for Deborah and the opportunity that the acquisition represents for Innecto. Deborah’s leadership has provided us with a blueprint for success which we look forward to building upon. We have a strong, established team and in terms of our clients the message is clear: it’s business as usual. We’re committed to providing market leading pay and reward consultancy and helping our clients maximise the return on their pay and reward spend.
With the backing of Personal Group we now look forward to extending our benefits and digital offerings, and delivering increased value to our clients.”
The deal is set to complete on the 28th February 2019.
Sophie Lister / Lucy Wollam firstname.lastname@example.org T: 020 7796 4133
About Personal Group
Personal Group Holdings Plc (AIM: PGH) is a technology enabled employee services business, working with employers to drive productivity though better employee engagement and a more motivated workforce. With over 30 years’ experience, the Company provides employee benefits, serving 550 businesses, reaching over 2 million employees across the UK.
Personal Group's offer comprises 8,000 in-house and third-party products and services, from c.60 supply lines. In-house services include employee insurance products (hospital, convalescence plans and death benefit) and the provision of home technology via salary sacrifice (iPads, computers, laptops, smart phones and smart TVs). Third party services include retail discounts, e-payslips, employee assistance, wellbeing programmes and salary sacrifice cars and bikes.
The offer is provided via the Company’s proprietary technology platform, Hapi. The platform is intuitive and accessible via web, tablet and mobile app, driving better engagement, communication and value recognition. Hapi is flexible and can quickly integrate additional services, such as existing employee services and partner platforms. Hapi is a SaaS product.
Through technology and select acquisitions, the Company has grown its addressable market from 6m to 27m UK employees; including 15.6m SME employees targeted via its partnership with Sage, the UK’s largest software company.
Personal Group’s innovative approach to using technology to deliver its programmes, combined with its face-to-face method of communicating with employees, makes its offer compelling to blue chip clients across the UK as a way of attracting, retaining and motivating employees.
Personal Group has a strong client base across a range of sectors including passenger transport, healthcare, logistics and food manufacturing. Clients include: Stagecoach, Four Seasons Health Care, Priory Group, Spire Healthcare, Bibby, 2 Sisters Food Group and Young's Seafood.
For further information, please see www.personalgroup.com
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