£400m float for IT recruiters

ONE of Europe's biggest specialist recruitment companies is heading for a £400m float on the London Stock Exchange later this year, providing a multi-million pound windfall for its management and staff owners.

SThree provides contract and permanent technology staff and is one of the country's fastestgrowing companies. It has appointed investment bank UBS to manage the process.

Founded in 1986 by IT systems analyst Bill Bottriell and recruitment consultant Simon Arber, who are both still on the board, the business sold a minority stake to Barclays Private Equity in 1999.

Barclays advised on streamlining the corporate structure and helped the business grow.

SThree now employs more than 1,000 people in more than 40 offices in Britain, France, Germany and Belgium. Last year it placed a candidate in a permanent role every 20 minutes of every working day, while having more than 4,000 freelance IT professionals working on assignment.

A float will give Barclays an exit route and value the 75% of SThree, owned by management and staff, at more than £300m.

The firm is chaired by Sir Anthony Cleaver, former chairman and chief executive of IBM UK.