A North West-based commercial and apprenticeship training provider has said it will now accelerate international growth following a management buyout.
Cheshire firm Instep delivers specialist training to giants such as AO, Vodafone and ASOS, and said it will now speed up the strategic expansion of its services across the UK and internationally following the deal.
Its senior management team comprising of CEO Andy Murphy and corporate services director Leanne Gagic have acquired equity in the business, alongside London-based private equity house ScaleUp Capital, to increase its growth trajectory.
According to the business, it follows "exponential growth" having broadened its offering two years ago to provide apprenticeship training.
Andy Murphy, CEO of Instep, said: “We are confident that we can build on the success we have achieved so far at Instep, increasing the scope and coverage of the commercial and apprenticeship training services we provide to UK companies.
"This is an exciting time for the training sector as business and industry evolves in the current climate. It is presenting new opportunities through government funding streams in areas such as adult education, which we are keen to support and help people gain the skills they need for sustainable careers.”
The senior management team and ScaleUp Capital will join Peter and Suzanne Hitchen, who founded Instep in 1992, as shareholders of the company.
With its current group, along with learners scheduled to begin apprenticeships in the coming months, Instep will support the training of around 2,000 apprentices this year.
That's helped the Congleton-based business, which employs 52 people, achieve "consistent financial growth".
Advising both the founders and the senior management team was Newcastle-based RG Corporate Finance (RGCF) led by partner and head of corporate finance, Carl Swansbury.
RGCF's corporate finance senior manager Rhiannon Nightingale, said: “Instep is a great example of a well-established business, which continues to evolve and develop its strategy to meet the requirements of the market.
"The introduction of the senior management team to the company two years ago was instrumental in taking the business forward and creating the platform for the next stage of its development with a larger group of shareholders and the support of a proactive and supportive private equity house.”
