IOM Consulting Limited secures independent future with investment from Rcapital
IOM Consulting Limited, the Edinburgh-based occupational hygiene, laboratory and professional services consultancy, today announced that it has been acquired by Rcapital. The transaction secures the independent future of the business, its laboratories and around 90 staff will transfer to IOM Consulting Limited with offices across Edinburgh, Stafford and Chesterfield.
IOM Consulting Limited was set up in 1990 as the commercial subsidiary of the Institute of Occupational Medicine, the research charity founded in Edinburgh in 1969. Over more than three decades, IOM Consulting Limited has built a reputation for independent measurement, testing, occupational hygiene consulting and expert opinion, working for law firms, NHS trusts, rail infrastructure operators and industrial clients across the UK.
The Institute of Occupational Medicine had faced a sustained fall in research and grant funding and the disruption of relocating its laboratories. Following a strategic review, its Trustees concluded that the Institute of Occupational Medicine was no longer sustainable and securing an independent future for IOM Consulting Limited was in the best interests of the Institute of Occupational Medicine’s creditors. The Institute of Occupational Medicine has now entered Administration and Richard Bathgate and Graeme Bain of Johnston Carmichael LLP have been appointed as its Joint Administrators.
Martin Dorchester will step away from his role as CEO of the combined group and Michelle Reid will take up the role of Managing Director of IOM Consulting Limited.
Michelle Reid, Managing Director, IOM Consulting Limited, said “Like many organisations across the UK, the Institute of Occupational Medicine had faced a challenging business environment in recent years. Throughout that time, its Board has carefully considered a range of strategic options to secure the long-term future of its business, expertise and people.
The Institute of Occupational Medicine has been part of Scottish science since 1969 and the acquisition of IOM Consulting Limited by Rcapital means that the valuable research, IOM brand, capabilities and knowledge available within the workforce is maintained.
This investment from Rcapital provides a strong platform for the next evolution of IOM Consulting Limited. It will enable us to build on more than three decades of independent expertise, expand the support we provide to our clients and continue delivering practical solutions that improve health, protect people and strengthen organisational performance.
As governments and employers place greater emphasis on keeping people healthy and in work, IOM Consulting Limited’s independent expertise has never been more relevant or more important.”
Sam Duberley, Investment Director of Rcapital, said: “IOM Consulting is a great business that has been starved of capital by circumstances outside its control. It has a strong reputation for its core testing, inspection and certification services, with an unparalleled history of market leading research. Michelle and her colleagues have done a great job of managing IOM Consulting through a demanding period and we are delighted to be backing them. There’s an exciting future ahead.”
Richard Bathgate, Joint Administrator of the Institute of Occupational Medicine and a Restructuring Partner at Johnston Carmichael LLP, added: “I am pleased to confirm the successful sale of the business and assets of the Institute of Occupational Medicine, including its subsidiary, IOM Consulting Limited, to Rcapital. This transaction preserves specialist jobs, provides continuity of service for clients and delivers a significantly better outcome for creditors than other alternatives.”
For further information or to arrange an interview please contact:
Sabrina Allan, Head of Marketing & Communications, IOM Consulting
Email: [email protected] Mobile: 07977 933180