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Norman Broadbent

  • BY: Andrew Hore |
  • POSTED: 15/06/2010 |

Executive search firm Garner has changed its name to Norman Broadbent following a cash injection by Pierce Casey and Jon Moulton.

The two men subscribed a total of 2m at 45p a share - after a 30-for-one consolidation - which gives them a combined stake of 57.6%. Casey has become chairman. Other directors also subscribed for shares or capitalised debts.

The consideration for the Norman Broadbent acquisition in 2008 has been changed from 5.5m to 2.03m, of which 627,000 has been paid.

Norman Broadbent plans to grow internationally. The group lost 3.5m in 2009 but it has been profitable since then.

Norman Broadbent has set up a joint venture with Russam GMS in order to enter the interim management market.

At 92.5p a share, down 8.75p on the day, Norman Broadbent is valued at 7.14m. 

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