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Private equity firm acquires Clearstone driver agency
Page 10
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RCapital has bought Clearstone from administrators — but the agency's creditors are concerned they will lose out. Chris Tindall reports.
LG V RECRUITMENT and training agency Clearstonc has been acquired by a private equity firm after going into administration.
Clearstone appointed administrators from Leonard Curtis on 1 June after it hit financial problems But within days RCapital, which provides turnaround funding to ailing businesses, snapped up the firm. According to RCapital, the investment has been provided by way of debt and equity and a financial restructuring of the Clearstone group of companies.
Clearstone was one of 11 agencies contracted by Skills for Logistics (SfL) to encourage women already working within logistics to become drivers as part of a Treasury-subsidised initiative (CM 11 May). SfL chief executive Ian Hetherington says it has now terminated its contract relating to the Women into Transport project with Clearstone. Birmingham-based training provider Eastern Training claims it probably will not recover the £7,000 allegedly owed to it. A spokeswoman says Clearstone acted as a broker, introducing trainees to training schools and taking payments as a result. She adds: We received the administrators' lettersthree or four weeks ago. We just have to accept it and forward our paperwork."
Jamie Constable, founder and CEO of RCapital, says: This is a very exciting acquisition for us. Clearstone had the right elements for an extremely successful future but lacked the financial strategy to realise its business goals."
Clearstone says it will continue to operate as an entity and the brand will be retained. It adds that there have been no job losses following the administration and acquisition.