Recruitment firm Elevation has completed a a six-figure management buyout of the business by directors Greg Parkinson and Lee Bhandal.
Formerly part of the Horbury Group, it now has an annual turnover of £4m, and employs more than 45 people in eight divisions.
Elevation is based in Rotherham and Leeds.
Greg Parkinson, managing director of Elevation Consultancy Group, said they had plans to expand Elevation and launch a new business called Parkinson Lee Executive Search.
He added: “Lee and I are proud to say that the business has grown rapidly since it was established in 2010, and it is right that we now look to further expand the services we offer.”
Executive coach Phil Hill has been appointed as non-executive director.
Parkinson added: “HSBC has not only supported Elevation in the completion of the MBO but has also shown real intent and belief in our business.
“It has also backed our plans to launch a new business venture.”
John Baddeley of Wake Smith LLP acted for HSBC.