A recruitment agency with branches in Chepstow and Cwmbran, has completed a management buy-out, following a six-figure loan from the Development Bank of Wales.

Nu Staff, which has branches across South Wales and the West of England, works in key sectors including aerospace, manufacturing, automotive, commercial, and engineering.

The acquisition of Nu-Staff, which was originally set up in 1993 by John Scriven, was led by David Matthews and Paul Fletcher, aided by GS Verde Group.

Mr Matthews joined the business as operations director in 2021, and Mr Fletcher has been part of Nu-Staff since 2001. They are joined by co-director Michelle Mallett

Mr Matthews, a director Nu Staff, said: "John Scriven was a highly respected and well-liked professional who dedicated 30 years to building Nu-Staff into a trusted recruitment agency.

"His commitment to matching the right individuals with the right employers was driven by a focus on consistent and quality service.

"For John it was all about reputation and that remains our core value as we begin the next chapter of the business.

"We are honoured to continue his legacy, ensuring that we remain responsive to the ever-changing needs of our clients and the market.

"We are incredibly grateful to GS Verde Group and the Development Bank of Wales for their unwavering support, which has enabled us to take the business forward."

Nu-Staff is poised for expansion into new regions and will be welcoming additional team members to support the company’s growth.

Mike Fenwick, director and head of corporate finance at GS Verde Group expressed his satisfaction on the successful completion of the management buy-out.

Kelly Freeman, investment executive at the Development Bank of Wales, highlighted the vital role recruitment agencies like Nu-Staff play in supporting Wales' labour market. 

She praised the company for its resilience and forward-looking approach, expressing confidence in its future success.

The financing for the management buy-out was secured through the £500 million Wales Flexible Investment Fund, which is financed by the Welsh Government and the Development Bank of Wales. 

This fund provides a range of financial support, including loans, mezzanine finance, and equity investments, to businesses based in Wales, with amounts ranging from £25,000 to £10 million.