Harvey Nash Group Regulatory News (HVN)

18 Dec 2008 07:04

HARVEY NASH GROUP PLC

("Harvey Nash" or the "Company")

Harvey Nash expands into Poland

Harvey Nash and Fila & Myszel Associates (FMA) today announced they have reached agreement to merge their businesses under the Harvey Nash Alumni brand in Europe. The acquisition of FMA extends the Harvey Nash global executive search and leadership services business into Poland. 

The team has an impressive capability in senior executive assignments and specialist HR and leadership services. This fits perfectly with the fast growing HR outsourcing services offered by the group currently and further consolidates the Group's market leading status of its Alumni brand in Europe.

Harvey Nash acquired 75% of Fila and Myszel Associates Sp. z o.o. ("FMA"), a company based in Warsaw, Poland, from Ms B Fila and Dr K Myszel who will remain with the business. The total consideration of approximately £500,000 comprises the initial consideration of £22,000 and contingent consideration of up to £478,000, subject to FMA achieving certain demanding profit and business targets. The acquisition of the remaining 25% of FMA will take place on 1 April 2014 on agreed terms and conditions with settlement in a combination of cash or Harvey Nash shares at the Group' sole discretion, and is capped at £900,000.

Commenting on the acquisition, Harvey Nash Chief Executive, Albert Ellis, said:

"The current market conditions provide an excellent opportunity to attract new talent and high performing businesses into the Group. The expansion of the group's footprint into the largest of the emerging economies of Eastern Europe will serve the Group's global Fortune 1000 client base in that region and beyond." 

18 December 2008

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