Hat Pin buys Stolkin + Partners for £1.2m

Kendall Tarrant has confirmed its acquisition of Stolkin + Partners, first reported in Campaign, 3 March.

Hat Pin, the AIM-listed executive search and recruitment group that owns Kendall Tarrant, will acquire the company for £1.18 million.

It will pay £180,000 in equity immediately, by the issue of 251,749 ordinary shares at a price of 71.5p each. The remaining £1 million will be paid quarterly in arrears in equal cash instalments over three years.

Gary Stolkin, the founder of Stolkin + Partners, will become the chief executive of the merged consultancy. Gay Haines, Kendall Tarrant's former chief executive, will be its worldwide chairman.

It has also been confirmed that Lucy Meredith, Stolkin + Partners' creative recruitment specialist, will head the merged creative team of six consultants. Susie Ching, her counterpart from Kendall Tarrant, is leaving.

For the year to 31 January 2006, Stolkin + Partners, with net assets of £220,000, recorded a turnover of £1.04 million and pre-tax profit of £168,000.

Angela Campbell-Noe, the chief executive of Hat Pin, said: "Stolkin has built a successful business as a key competitor to Kendall Tarrant during the past four years and we are very pleased to welcome him and his strong, ambitious and well-respected team to Hat Pin."