Hibu to add employees at Cedar Rapids location

As part of a restructuring deal, Reading, England-based Hibu, which has an office in Cedar Rapids, will add employees here.

In a letter to shareholders dated July 25, Chairman Bob Wigley said the company's board of directors is seeking to stop trading of shares. Once restructuring is complete, Hibu - formerly known as Yellow Book - will delist from the London Stock Exchange.

Kevin Jasper, president of Hibu U.S. based in Cedar Rapids, said in an email statement that its Corridor location "continues to be a primary hub for our overall U.S. operation."

"Today we have a team of nearly 1,000 people based out of our Cedar Rapids office in roles covering sales, customer service, website content writing, marketing, IT, accounting, human resources and various product fulfillment positions," Jasper wrote. "To further support our digital transformation, we have near-term plans to fill a range of key additional positions, clearly indicating the importance of Cedar Rapids to our future development."

There could be as many as 100 new positions as part of the recruitment.

"Future ownership of the Hibu Group will be held by our lenders and not by current shareholders," Wigley said. "Given the burden of high historic levels and short maturity of our existing loans lender control of Hibu was unavoidable."

The terms are subject to approval of the lenders holding 75 percent of the group's debt.