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About Ridgecrest

Ridgecrest (LON:RDGC) provides permanent, temporary, and contract recruitment services to corporations, creative agencies, start-ups, and SMEs in need of digital talent.

Headquarters Location

Bourne House 475 Godstone Road, Whyteleafe

Surrey, England, CR3 0BL,

United Kingdom

+44 (0) 7714502807

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Latest Ridgecrest News

Cash shell Ridgecrest jumps on share stake news

Jun 16, 2021

Cash shell Ridgecrest jumps on share stake news A look at the major movers on the London market on Wednesday Cash shell Ridgecrest PLC (LON:RDGC) is getting fired up. The company finalised the sale of its recruitment operating businesses to Sanderson Group in April, but had been a cash shell as of 5 January. Under Aim rules that means it must come up with a deal by 5 July, see its shares suspended or become re-listed as an investment company. For the latter to happen it would have to raise at least £6mln. It currently has £2mln in cash. The company said in April there had been discussions with a number of reverse takeover candidates. But it added: "Whilst the Board continues to assess a number of opportunities, no discussions have, to date, proceeded beyond a preliminary stage. From a number of the discussions held, the Board is becoming increasingly aware that, whilst a reverse takeover candidate would value Ridgecrest at a premium to its net asset value, such a valuation would be at a material discount to its current market capitalisation, which currently stands at more than three times net asset value." The only news today is that investor Paul McKillen has appeared on the shareholder register with a 3.01% stake. This follows an announcement a month ago that Edward and Sarah Spencer raised their stakes from 6.07% to 7.09%. But today the shares have jumped 27.03% or 0.25p to 1.18p. Perhaps investors hope a deal is near. 12.04pm: Christie climbs after strong demand for its professional services Christie Group PLC (LON:CGT) is seeing strong demand for its professional services despite lockdown. The company - which focuses on a range of sectors including hospitality, leisure and medical - has seen its shares jump 9.11% or 10.38p to 124.38p after it told its annual meeting that it was trading in line with market expectations and expected a strong second half. It was involved in the sale of 164 hospitality businesses by the end of May, it said, while its appraisal business Pinders had seen an upturn in the number of valuations commissioned by "asset-rich businesses raising additional loans to tide them over for short term cash flow requirements." Chairman and chief executive David Rugg told shareholders: "Most of the businesses upon which our services are focused are property based. Historically, these have provided a hedge against inflation. Each of our services and all of our sectors are in demand. "We expect further progress once our remaining hospitality markets fully re-open for business both here and in mainland Europe. Based upon current momentum we look forward to a strong second half." 11.09am: Acquisition company to pay $2bn for US firefighting products group UK-listed acquisition vehicle EverArc Holdings Ltd has found a target after nearly 18 months. It is buying Perimeter Solutions, a US manufacturer of firefighting products and oil additives, for around US$2bn in cash and shares from investment firm SK Capital. EverArc, formed in November 2019, has seen its shares jump 8% to US$13.5 on the news. The company makes a point on its website of saying its model is different to a SPAC, a listed shell which raises funds to buy a private company and take it public. There have been a spate of such deals recently but EverArc says its capital "contrasts with SPAC capital which is highly constrained and conditional." In any case it plans to delist its London shares once the deal is done and re-list on a US stock exchange. 8.49am: Best of the Best tumbles after seeing slowdown in customer numbers as lockdown eases Best of the Best PLC ( LON:BOTB ), which runs online competitions to win cars and other luxury prizes, is one of the big day's losers. The company stopped running competitions in airports in September 2019 which - given the effect of the pandemic on travel - was with hindsight a great call. Its focus now is purely on its digital business, and its full year results show revenues rising from £17.79mln to £45.68mln, with profits up from £4.19mln to £14.06mln. But with all its eggs now in one digital basket, any signs of a slowdown could unsettle investors. So these comments from chief executive William Hindmarch appear to have gone down badly. After saying the business was excited about the opportunities ahead as the economy recovers and some form of normality returns, he added: "However, in contrast to the summer 2020 period, we have experienced somewhat of a reduction in customer engagement since the latest easing of lockdown restrictions on April 12, 2021, specifically relating to the understandably long-awaited re-opening of hospitality and non-essential retail. We are closely monitoring this, but with our flexible model, growth strategy and plans for the year ahead, we expect customer engagement to return to normal levels before too long." The company also said that after a formal sales process was launched during the year, there were extensive talks with a number of interested parties. But these came to nothing as the company decided to stick with its existing growth strategy. All this has seen Best of the Best tumble 27.76% or 730p to 1900p. Russ Mould, investment director at AJ Bell said: “With COVID-19 increasingly being put in the rear-view mirror and life getting back to normal, we’re getting more lockdown winners seeing their purple patch fade away. The latest casualty is car competition provider Best of the Best whose shares crashed... after it revealed that customers have become less engaged since lockdown restrictions started to ease. It thrived when we were all stuck at home, but everyone is bored of that now and desperate to enjoy the great outdoors.” 8.31am: Predator takes a step closer to starting Moroccan drilliing

Ridgecrest Frequently Asked Questions (FAQ)

  • When was Ridgecrest founded?

    Ridgecrest was founded in 2009.

  • Where is Ridgecrest's headquarters?

    Ridgecrest's headquarters is located at Bourne House, Surrey.

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