Robert Walters to re-float in London at £200m

Robert Walters, the recruitment company, is planning to re-float on the London market two years after its ill-fated merger with an American rival. The float is expected to take place this summer and value the company at about £200m.

The move follows a decision by Staffmark, Robert Walters's US parent, to sell its recruitment interests and focus on e-commerce consultancy. Staffmark said it took the decision owing to low values of US recruitment firms and weak information technology staffing demand.

Robert Walters first floated in London in 1996. It was bought by Staffmark two years later in an all-share deal valuing the firm at £113m. But problems emerged at Staffmark and the shares slid: from about $25 a share at the deal they fell to $12, and have recently traded at about $8.

Asked if he regretted the deal, Robert Walters, the London company's founder and chief executive, said: "I don't think you can regret what was a logical decision at the time. The market was consolidating."

Robert Walters, run independently from Staffmark, has grown operating profits from £7.6m in 1997 to £12.7m last year.