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At the end of November, we reported on Parity selling its recruitment business for £3m – see Parity to sell IT recruitment business for £3m | TechMarketView. Last Friday (8th December), Parity completed the disposal of Parity Professionals, receiving the initial £2m consideration from the buyer – recruiter, Pertemps Network Group (PNG Network Ventures) - and changed its name, effective 11th December 2023, to Partway Group. Following completion of the sale, Partway Group has been reclassified as a cash shell on the AIM market.
For Chairman of Parity Group, and now Chairman of Partway Group, Mark Braund, this moment is bittersweet. While he feels happy for shareholders, for customers, for employees, and for the recruitment firm’s contractor base, he also feels disappointment.
TechMarketView subscribers - including UKHotViews Premium subscribers - can read our views on the disposal and what the future holds for Parity within its new home, as well as for Partway Group, in our latest research, Disposal Complete: The future for Parity and Partway.
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Posted by Georgina O'Toole at '14:54' - Tagged: acquisition itsa recruitment disposal M&A public+sector
