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Nigel Wright recruitment group launches New York office after turnover tops £26m

Written by Coreena Ford, Chronicle and Journal business writer.

Recruitment group Nigel Wright Group has launched a base in New York to help clients expand in the US on the back of a year which saw its turnover top £26m.

The Newcastle company, which has 11 offices across the UK and Europe, has published accounts for the year ended April 30 2023 in which turnover reached £26.28m, while operating profit came in at £2.08m. Pre tax profits were £1.636m and profit for the year was £1.28m.

The consolidated figures are included in accounts for NWGH Holdings Ltd, a company which emerged following a restructure when the firm’s leaders completed a management buyout in 2022. The previous accounts covered the five months from November 25 to April 30, so cannot provide a direct comparison.

 Within the accounts, group finance director Mark Ingleson says: “Market conditions vary throughout the territories of the group. The directors believe that targeted investment in core markets, involving the hiring, development and retention of key staff and continued focus on a productive and efficient cost base will underpin future growth and margin improvement. With increasing business confidence across the group’s main markets, the directors are satisfied with the recent performance of the company and anticipate increasing profitability during the forthcoming financial year.”

A breakdown of turnover shows UK work accounted for a large chunk of turnover – £15.5m – while European sales reached £10.5m. Sales from work in the ‘rest of world’ accounted for just £214,000 in the year, but that could soon change following the launch of an office in New York in the current financial year.

Nigel Wright established an office in Leeds last year amid moves to accelerate  their strategy across the North of England, with the aim to become the North’s leading professional recruitment business. Since launching, the firm has already outgrown the offices for 10 people already, promoting a move to new, larger premises next month for 25 consultants.

This month the company has also opened its first office in Manchester, after enlisting experienced recruiter Gary Darlington to expand its  North West operations. He already has two consultants working with him.

During the last financial year Nigel Wright opened an office in New York to provide executive search expertise for its clients and to help European businesses expand into North America, as well as helping American businesses recruit leaders locally, or helping them expand into Europe.

Other highlights included the launch of an interim management team in Germany two years ago, which it said already accounts for a significant proportion of the wider contract and interim manpower business. Dusseldorf is now the second largest office in the group, with more than 30 consultants.

Following publication of the accounts, a spokesman for the company said: “Since our MBO completed in February 2022, we are making strong progress on our growth strategies across our businesses in the North of England and European consumer sectors. Opening new offices in Leeds and Manchester has accelerated this growth in the past year, with over 15 consultants expanding our brand presence.

“We remain Europe’s leading consumer sector search firm. Opening an office in New York has expanded this European footprint to help existing clients recruit senior leaders in North America, whilst attracting new US clients who want to access our consumer sector networks and expertise. Our consultants’ combination of sector specialisms, expertise in specific disciplines, and focus on delivering excellent service, should help us expand further by helping solve any recruitment challenges for clients.”