Irish recruitment firm Collins McNicholas has been sold for an undisclosed sum in a management buy-out (MBO) that sees the firm being taken over by three senior executives.

The company, which was established in 1990, employs 35 people across five offices in Dublin, Cork, Galway, Sligo and Athlone.

Colman Collins, who co-founded the group with Val McNicholas, has sold his shareholding in the group and is to step down as managing director to be replaced by Niall Murray. Mr Collins is to continue as a board member and will act as a management consultant to the firm.

In addition to Mr Murray, the other senior members of the management team involved in the buy-out are Antoinette O'Flaherty and Michelle Murphy, who are to be appointed as directors of the company.

Padraic White, former managing director of IDA Ireland, is to continue as chairman of the group.

Collins McNicholas recruits across a number of industry sectors, including engineering, medical devices, pharma, finance, IT, admin and sales.