One of the North East’s leading staffing and training solutions providers, MTrec Ltd has been acquired by Trust Tech Inc, a Japanese listed firm, in a £17.1 million deal that will create hundreds of jobs in the North East.
The deal was concluded earlier in the week and is Trust Tech Inc’s first European strategic acquisition which will provide a foundation for more acquisitions on the continent.
The company is planning to work closely with the existing management team at MTrec to create a fully global training and staffing solution by collaborating their collective experience, expertise and resources.
MTrec achieved a £46 million turnover in the financial year ending March 31 this year and is forecasting a £59 million turnover during the current financial year.
At present, the company employs 56 staff and a cohort of 2,500 temporary workers and anticipated a rise in its headcount over the next few months in line with the forecast turnover growth, which will create more opportunities for temporary workers throughout the region and new positions within MTrec.
The rising headcount at MTrec will come at the same time as the opening of new on-site operations and branches away from the North East.
Trust Tech Inc identified MTrec as its first European strategic partner because of its geographical location and exceptional growth rate, meaning that it is in an ideal position to serve the multinational engineering and manufacturing company based in the North East.
MTrec Ltd was established 10 years ago and is now one of the leading training and staffing providers in the North East, serving the industrial, engineering and manufacturing sectors.
MTrec Care Limited is the company’s wholly owned subsidiary and provides support workers, carers and nurses to the care sector in the region.
The business has offices throughout the region and was founded by directors Rob Armstrong and David Musgrave.