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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