Sand Resources Sale

Meta Corporate Finance announces today the sale of Sand Resources Limited (“Sand”) to InterQuest Group Plc (“InterQuest”).

Sand is a specialist provider of IT recruitment services to the public sector and in February was one of only thirteen companies awarded Catalist accreditation by the Office of Government Commerce (OGC) to supply IT contractors to public sector organisations.

Mark Ledger-Beadell, who acted for Sand’s shareholders said: "This was an interesting transaction that afforded the initial shareholder, Mike Haffenden, an exit whilst incentivising David Seear, the MD, to take the business forward."

David Seear said: "Meta did a great job to meet the differing objectives of the shareholders and option holders and I think we found the right kind of partner to help take the business forward."

Gary Ashworth, Chairman of InterQuest, said: "We are please to welcome this high quality, well run, niche business to the InterQuest Group. We believe that the inclusion of Sand Resources in our Group broadens our presence in the Central Government IT staffing arena and provides a strong platform for growth."

Vertex Law LLP provided legal services to Sand’s shareholders. Nick Austen, who led Vertex’ team, said: "Vertex and Meta were a cohesive team and brought in other advisers for tax and accounting matters. We are all pleased with this excellent result for the shareholders."

Advisers

• Vendors: Mark Ledger-Beadell, Meta Corporate Finance
• Nick Austen for Vertex Law LLP

 

 

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