Hays plc

Hays plc is a leading British company providing recruitment and human resources across all 33 countries globally. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index .

History

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 Great Fire of Southwark in 1861 and still stands; It was converted in the 1980s into a shopping and dining 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]Thames, who were sold to the 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 a chemical distribution and office support services with Frost and Peter David Thatcher Roberts as CEO. [6] In 1986, he purchased a personal business called Career Care Group, which had been founded by Denis Waxman. [7] Hays was also growing its business storage services which included the brands “Hays Wharf” and “Rentacrate”. In 1987, a long-planned management 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 was intended to reposition itself as a specialist recruitment business and that the company would have 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 represents 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 UK, Continental Europe, The Americas and Asia Pacific regions. [10] It has a steady equal balance of work in progress and permanent recruitment, which gives financial stability through business cycles. [2] Hays operates in 33 countries. [11]

Involvement in price-fixing

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 a boycott Park, 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 totaling £ 39.3m, Hays receiving the biggest fine. [12]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 tax by the Office of Fair Trading in September 2009. [13]

References

  1. ^ Jump up to:d International Directory of Company Histories
  2. ^ Jump up to:b Clelland, Grant (1 October 2007). “Profile FD – Paul Venables: Hays puts its faith in global jobs market” . Financial News . Archived from the original on 19 October 2011 . Retrieved 19 October 2011 .
  3. ^ Jump up to:d “Annual report 2016” (PDF) . Hays . Retrieved 21 April 2017 .
  4. Jump up^ Galleria Hays ArchivedOctober 24, 2005 at theWayback Machine.
  5. ^ Jump up to:c Wilson, Andrew (7 October 1989). “Hays offer looks tightly priced” . Glasgow Herald . Retrieved 19 October 2011 .
  6. ^ Jump up to:c Ronnie built http://companycheck.co.uk/director/900150873 The Independent, 5 March 2003
  7. ^ Jump up to:b Common sense will take you far BBC News, 28 November 2004
  8. Jump up^ Hays unveils £ 250m payoutDaily Telegraph, 4 June 2004
  9. Jump up^ New CEO HaysRecruiter, 5 June 2007
  10. Jump up^ Hays recruitment grows everywhere UK and IrelandDaily Telegraph, 7 April 2011
  11. Jump up^ “Hays Enters Malaysia” . Market Watch. 9 July 2012 . Retrieved 13 July 2012 .
  12. Jump up^ Recruitment firms fined £ 39m for price-fixing The Independent, 30 September 2009
  13. Jump up^ Hays fine [ permanent dead link ] The Recruiter

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