Hays plc

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Hays plc
RevenueIncrease £7,583.3 million (2023)[2]
Decrease £197.0 million (2023)[2]
Decrease £138.3 million (2023)[2]
Number of employees
13,356 (2023)[2]
Websitewww.haysplc.com

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

FCC
in June 2006

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]

The former Hay's Wharf, which Hays sold in the early 1980s. It is now called Hay's Galleria.

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

Hays is a specialist recruitment group with operations in the

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

In 2009 the

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

  1. ^ a b c d Hays plc International Directory of Company Histories
  2. ^ a b c d "Annual Report 2023" (PDF). Hays. Retrieved 13 February 2024.
  3. ^ "London Stock Exchange Group welcomes Hays plc". London Stock Exchange Group. Retrieved 3 March 2020.
  4. ^ "Hays Galleria". Archived from the original on 24 October 2005.
  5. ^ a b c Wilson, Andrew (7 October 1989). "Hays offer looks tightly priced". Glasgow Herald. Retrieved 19 October 2011.
  6. ^ a b c Breaking up the house Ronnie built[dead link] The Independent, 5 March 2003
  7. ^ a b Common sense will take you far BBC News, 28 November 2004
  8. ^ Hays unveils £250m payout Daily Telegraph, 4 June 2004
  9. ^ New Hays CEO Recruiter, 5 June 2007
  10. ^ Hays recruitment grows everywhere but UK and Ireland Daily Telegraph, 7 April 2011
  11. ^ 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.
  12. ^ "Hays Enters Malaysia". Market Watch. 9 July 2012. Retrieved 13 July 2012.
  13. ^ Recruitment firms fined £39m for price-fixing The Independent, 30 September 2009
  14. ^ "Competition appeal cuts Hays fine". The Recruiter. 13 September 2002. Retrieved 18 March 2019.

External links

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