We funded a Buy In/Management Buy Out (BIMBO) of a specialist blue collar labour supplier Staffline in 2000. The business enjoyed fast, early success with a number of new branches opening and top line revenues steadily on the up.

However, then came a shift in the balance of supply and demand in the sector which put sustained pressure on the business.

Together with a new management team led by Andy Hogarth, we worked to stabilise the operations and return to previous levels of profitability by strengthening the management team and developing an innovative approach to delivering services direct to clients. Instead of serving clients from its branches, Staffline started operating from client premises, providing a full on-site outsourcing service. The approach was vindicated within just 18 months when revenues from on-site operations accounted for 40%
of turnover.

“Andy Hogarth backed a plan to build a differentiated business in a commoditised sector. We backed him, though the early period was fraught with difficulties. Staffline remains one of the most rewarding moments of my career and we remain one of the largest shareholders today, continuing to back Andy’s strategy.” Mark Turner, ISIS (September 2011).

• In just four years, the business transformed from a regional temporary staff supplier into a national business.

• ISIS introduced Andy Hogarth as finance director later to become MD - Andy still leads Staffline as CEO.

• Flotation on AIM in 2004, seven years later ISIS still retain a major stake in Staffline.

• By the time of the flotation, Staffline had 21 branches and 33 on-site operations, and was providing 4,000 fully vetted temporary workers to nearly 400 clients including Sainsbury’s, Hozelock, Jacob’s and Allied Bakeries.

1986
Staffline formed in Nottingham

2000
ISIS backs £5.7m BIMBO, turnover £29m

2002
First On-site location opened, turnover £38m

2003
OnSite business extends to 17 locations


2004
Staffline admitted to AIM of the London Stock Exchange


2004
Onsite business extends to 33 locations


2005
Turnover £61.5m 

2007
Turnover £119.8m

2009
Makes 3 acquisitions

2010
Turnover £206m