LONDON (Alliance News) - Staffline Group PLC said Monday that it bought Endeavour Group Ltd and its subsidiary Vital Recruitment Ltd, a blue-collar recruitment business in the east of England, for an undisclosed sum.
The recruitment company completed the acquisition last Friday and funded it out of its "existing resources". It did not provide any financial details of the acquisition.
Staffline said the acquisition will significantly increase its scale and presence in the East of England. The deal is expected to be earnings neutral in the current year for the company.
For the year ended March 31, 2017, Endeavour recorded a turnover of GBP83.0 million and pretax profit of GBP500,000.
Staffline Chief Executive Chris Pullen said: "We are thrilled to announce this strategic acquisition of Vital. The acquisition will bring an extensive network of connections and resources in the East of England and will further strengthen our food division and help us to increase our market share in agriculture. The acquisition supports Staffline Recruitment's vision "to be the trusted market leader, providing a single destination for blue collar workers and employers to connect across the UK".
"With a number of large blue-chip clients, Vital will help further extend the Staffline network," Pullen added.
In addition, Staffline said that during February it purchased a driver recruitment agency UK Distribution Personnel Ltd and Irish staffing recruitment business M&B Staff Services. Both acquisitions had an annual turnover of less than GBP5.0 million and a pretax profit of less than GBP500,000, the company said.
Staffline shares were down 1.6% at 935.00 pence per share on Monday.
Staffline (STAF)