The Week: Stolkin and Meredith complete buyout of Talent Business

Gary Stolkin, the former chief executive of The Talent Business, and Lucy Meredith, the chief executive of its US office, have completed a management buyout of the company.

The pair, who each now own 50 per cent of the business, bought it from the parent company Hat Pin for a cash consideration of £1.5 million, with the possible addition of a performance-related bonus sum of £1 million, which would be payable over the next two years.

The MBO had been under discussion for some weeks, but discussions came to a halt two weeks ago owing to problems with due diligence.

Just days later, Hat Pin released a warning to the Stock Exchange citing poor performance at The Talent Business and announcing that Stolkin had been removed from his position.

Stolkin said: "We invested heavily last year in making the business global and future-proofing it."

Meredith added: "There was a massive disparity between forecast and reality, but we eventually got the business at a great price."