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14 Apr 2010 07:00
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14 April 2010
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Empresaria Group plc ("Empresaria")
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Disposal of Dutch staffing business
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Crawley, UK: Empresaria Group plc, the AiM quoted staffing specialist, has entered into an agreement on 13 April 2010 to dispose of its 60% interest in its Dutch staffing business, EAR Holding B.V. ("EAR"), to OTTO Holding B.V. for a consideration of β¬1 in cash. EAR's revenue in 2009 was Β£4.7m and its loss after exceptional charges and before taxation was Β£0.7m. EAR had net liabilities of approximately Β£0.3m as at 31 December 2009. The transaction is expected to reduce Empresaria's net debt by Β£0.1m and will result in a small accounting gain on disposal.
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As set out in Empresaria's preliminary results for the 12 months ended 31 December 2009 (released on 25 March 2010), Empresaria highlighted that the outlook for the Dutch staffing market remained a concern. Consequently, the Board has taken the decision to exit entirely the Dutch market, where it had only a relatively small presence, through the disposal of EAR.
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Enquiries
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Empresaria Group plc |
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01293 649 900 |
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Miles Hunt |
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Stuart Kilpatrick Β |
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Singer Capital Markets Ltd |
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020 3205 7500 |
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Nicholas How |
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Richard Savage |
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