Nationwide Accreditation Bureau Ltd (United Kingdom) - Nov 2007

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01 November 2007

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In a first round of funding, South East Growth Fund (SEGF) has invested £250,000 in National Accreditation Bureau Ltd (NAB), a company which provides background checking services for employees in regulated markets, and taken a 20% stake in the business. The deal was sourced through an established relationship between the chairman and CEO of NAB and SEGF investment manager Avent Bezuidenhoudt, who led the transaction. SEGF was attracted to the deal due to the increasing demand in the market for employee screening services, particularly in the light of recent high profile cases in the media. The new capital will be used to continue the organic growth of the company and further funding rounds are expected.

Company

NAB, which is headquartered in Oxfordshire and operates out of Wembley, was founded in 2005 and originally established itself in the medical locums’ agency market, one of the most regulated, monitored and audited compliance environments in the world. The business has since expanded and grown significantly, recently winning contracts for the accreditation of temporary and permanent workers in both the leisure and car parking industries, as well as for the new Wembley Stadium. The business currently employs 18 staff and generates turnover of £1.5m.

People

Avent Bezuidenhoudt led the transaction for SEGF and will join the NAB board, while chairman John Chariss and CEO Karen Richardson represented the company.

Advisers

Equity - DMH Stallard, Stephen Rogers, Vincent O'Brien (Legal)Equity - Moore Stephens London, Indy Agnihotri, Richard Blood (Financial Due Diligence)Management - Lawrence Graham, David Ponsford, Tim Casben (Legal)

Sourced from: 0 unquote" 358 (Dec 2007)