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 step 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.
