Hays plc
 | |
| Company type | Public |
|---|---|
| ISIN | GB0004161021  |
| Industry | Recruitment |
| Founded | 1867[1] |
| Headquarters | London, England |
Key people | Andrew Martin, Chairman Dirk Hahn, CEO James Hilton, Group Finance Director |
| Revenue |  £7,583.3 million (2023)[2] |
 £197.0 million (2023)[2] | |
| £138.3 million (2023)[2] | |
Number of employees | 13,356 (2023)[2] |
| Website | www |
Hays plc is a British multinational company providing recruitment and human resources services across 33 countries globally. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[3]
History
[edit]
The company was founded in 1867 as an operator of wharves and warehouses on the south bank of the River Thames.[1] The name can be traced to Alexander Hay, who acquired a brewhouse there in 1651. It was redeveloped as a 'wharf', in fact an enclosed dock, in 1856 and renamed Hay's Wharf. It was rebuilt after the 1861 Tooley Street fire and still stands; it was converted in the 1980s into a shopping and restaurant area known as Hay's Galleria.[4]
The Kuwait Investment Authority acquired an indirect 34% holding in the company in 1975, increased to 100% in 1980,[1] chiefly to acquire the property assets on the south bank of the Thames, which were sold to St Martins Property Group in the early 1980s.[5]
To develop the management team for the services group,[5] the Kuwaitis backed Hays' acquisition of Farmhouse Securities, a food distribution business owned by Ronnie Frost, and Hays then moved into chemical distribution, commercial distribution and office support services with Frost and Peter Roberts as directors.[6] In 1986, it purchased a personnel business called Career Care Group, which had been founded by Dennis Waxman.[7] Hays was also growing its business storage services which included the brands "Hays Wharf" and "Rentacrate". In 1987, a long-planned management buyout was completed,[5] and the company launched an initial public offering in 1989.[1] Ronnie Frost managed the combined services group from 1987 until he retired in 2001.[6]
In March 2003, Hays announced that, following a strategic review, it intended to reposition itself purely as a specialist recruitment business and that the company would dispose of all non-core business, including its commercial and logistics operations.[6] Following Hays' change of focus to a recruitment company, Denis Waxman became CEO in July 2004.[7] In November 2004 Hays de-merged its DX delivery network which represented the final step in the transformation of Hays into a recruitment business.[8] In November 2007 Waxman retired and was succeeded by Alistair Cox.[9]
Current operations
[edit]Hays is a specialist recruitment group with operations in the UK and Ireland, Continental Europe (in Germany pronounced Hei(s), as health=Hei(l)), the Americas and Asia Pacific regions.[10] It has a fairly equal balance of work in temporary and permanent recruitment, which contributes to financial stability through business cycles.[11] Hays operates in 33 countries.[12]
Involvement in price-fixing
[edit]In 2009 the Office of Fair Trading imposed a £30.4m fine against Hays for its involvement in price-fixing. The firm, along with five other recruitment firms, formed a cartel called the Construction Recruitment Forum which agreed to boycott Parc, a new company that had entered the market in 2003 to act as an intermediary between construction firms and recruitment firms. The six firms received fines totalling £39.3m, Hays receiving the biggest fine.[13] Hays had its fine cut by the Competition Appeal Tribunal from £30.4m to £5.9m following an appeal against the level of a fine imposed by the Office of Fair Trading in September 2009.[14]
References
[edit]- ^ a b c d Hays plc International Directory of Company Histories
- ^ a b c d "Annual Report 2023" (PDF). Hays. Retrieved 13 February 2024.
- ^ "London Stock Exchange Group welcomes Hays plc". London Stock Exchange Group. Archived from the original on 3 March 2021. Retrieved 3 March 2020.
- ^ "Hays Galleria". Archived from the original on 24 October 2005.
- ^ a b c Wilson, Andrew (7 October 1989). "Hays offer looks tightly priced". Glasgow Herald. Retrieved 19 October 2011.
- ^ a b c Breaking up the house Ronnie built[dead link] The Independent, 5 March 2003
- ^ a b Common sense will take you far BBC News, 28 November 2004
- ^ Hays unveils £250m payout Daily Telegraph, 4 June 2004
- ^ New Hays CEO Recruiter, 5 June 2007
- ^ Hays recruitment grows everywhere but UK and Ireland Daily Telegraph, 7 April 2011
- ^ Clelland, Grant (1 October 2007). "FD Profile - Paul Venables: Hays puts its faith in global jobs market". Financial News. Archived from the original on 10 February 2011. Retrieved 19 October 2011.
- ^ "Hays Enters Malaysia". Market Watch. 9 July 2012. Retrieved 13 July 2012.
- ^ Recruitment firms fined £39m for price-fixing The Independent, 30 September 2009
- ^ "Competition appeal cuts Hays fine". The Recruiter. 13 September 2002. Retrieved 18 March 2019.
External links
[edit]| International | |
|---|---|
| National | |