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North West Business Insider reported that employment law specialist, which made profits of £4m on turnover of £15m in the last financial year to December 2010, takes subscription income from businesses and meets all costs from employment tribunals if the business loses, who has followed Citation’s advice.
It also provides detailed consultancy advice to businesses on all aspects of employment law, implementing company handbooks, policies and systems.
One of the biggest concerns for business customers of Citation is the need for compliance with local authority pre-qualification schemes.
Chief executive Lindsay Hill said: “There are good schemes in place for a good reason, but some people in local authorities are asking their suppliers to jump through hoops that are inappropriate. It’s bonkers.”
The business is privately owned and the largest shareholder is entrepreneur Paul Hogarth, owner of Perspective, a prolific acquirer of independent financial advisers.
Mr Hill added: “We are not for sale; we keep all of our options open because we don’t know what the future will bring. We have no plans for an IPO (initial public offering).
We are keeping our options open.”
He said he has appointed advisers to examine a future strategy.
“We get approaches from private equity and trade buyers as much as weekly. At the moment I say to everyone we’re not for sale.”
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