Harvey Nash Group Regulatory News (HVN)

HARVEY NASH GROUP PLC

("Harvey Nash" or "the Group")

EXERCISE OF OPTION TO ACQUIRE REMAINING 49.9% OF ISSUED SHARE CAPITAL 

OF BJERKE & LUTHER AS

On 29 April 2010, the Company acquired 51.1% of the issued share capital of Bjerke & Luther AS, one of Norway's leading executive search, assessment and technical recruitment companies, from SAY AS, Rich Luther AS, Tor Egil Ruud and Stephan Juhl Nielsen (the "Sellers").

The Company is pleased to announce that it has exercised its option to acquire the remaining 49.9% of issued share capital of Bjerke & Luther AS for an aggregate consideration of NOK 11.5 million (approximately £1.3 million), payable in cash to the Sellers on closing. The consideration will be funded from the Company's existing cash resources and facilities as appropriate.

The Harvey Nash Group significantly strengthened its presence in the region when it entered the attractive Norwegian market with the acquisition of Bjerke & Luther AS. Together the Group's businesses in Sweden, Finland, Norway and Denmark comprise the leading Nordic executive recruitment consultancy specialising in executive search, leadership services, professional recruitment and interim management.

Bjerke & Luther AS provides services to global technology and telecoms companies based mainly in Norway and its market leading position, portfolio of services and client sector profile are highly complementary to the Group's European business.

Commenting, Harvey Nash Chief Executive, Albert Ellis, said:

"We are delighted to complete the acquisition of the remaining 49.9% of the issued share capital of Bjerke & Luther. The financial performance and successful integration were in line with our expectations and the business has been expanded under the Nordic Alumni executive and Harvey Nash recruitment brands.

The strength of the Norwegian economy is an added benefit to the Group's diversification strategy and we look forward to further growth from the business in the future."

ENQUIRIES:

Harvey Nash Tel: 020 7333 2635

Albert Ellis, Chief Executive Officer

College Hill Tel: Tel: 020 7457 2020

Helen Tarbet, Mark Garraway