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2 Dec 2009 07:00
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2Β December 2009
STAFFLINEΒ GROUPΒ PLC
("Staffline" or "the Group")
Acquisition
Staffline, a leading provider of outsourced HR services to industry,Β is pleased to announceΒ the acquisitionΒ ofΒ Peter Rowley LimitedΒ ("Peter Rowley"), aΒ trainingΒ provider.Β Peter Rowley, the principal of the company, will remain committed to Staffline for a minimum period of two years.
The acquisition is in line with Staffline's strategy of making selective acquisitions to broadenΒ itsΒ revenue streams,Β therebyΒ positioning it moreΒ asΒ a provider ofΒ value addedΒ business services in the human resource arena.
Peter RowleyΒ hasΒ 36Β employees and, in the year endedΒ 31 July 2009,Β it achievedΒ revenues in excess of Β£2Β millionΒ per annum andΒ aΒ pre-tax profit of Β£0.5Β million,Β with a net asset value ofΒ Β£0.8Β million.
TheΒ consideration comprises anΒ initialΒ cashΒ paymentΒ ofΒ Β£1Β million,Β payableΒ from Staffline's existingΒ bank facilities,Β deferred cash consideration of Β£0.5 million, payable inΒ January 2011, andΒ twoΒ furtherΒ cashΒ paymentsΒ payable up to an aggregate maximum of Β£1.0Β millionΒ based onΒ 50% of theΒ profits achievedΒ in excess of Β£0.5Β millionΒ duringΒ the two financial yearsΒ following the acquisition.
Commenting,Β Andy Hogarth, Staffline'sΒ ChairmanΒ and Chief Executive, said:
"We areΒ delightedΒ to welcomeΒ Peter RowleyΒ and his companyΒ to the Group, bringingΒ a highly complementaryΒ offering toΒ ourΒ existing operations. Together our two organisations will provideΒ aΒ platform for further growth inΒ our core operating areas.
"We continue to look for similarΒ acquisitionΒ opportunities,Β in addition to other smaller industrial recruitment businesses in order toΒ enhanceΒ shareholder value."Β
- EndsΒ -
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For further information, please contact: |
www.staffline.co.uk |
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Staffline Group plc |
0115 950 0885 |
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Andy Hogarth,Β Chairman and Chief Executive |
0793 1175775 |
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Tim Jackson, Finance Director |
0772 0458626 |
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Smithfield |
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Katie Hunt / Reg Hoare / Rebecca Whitehead |
020 7360 4900 |
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Altium |
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Phil Adams / Paul Lines |
0845 505 4343 |
Β Β About Staffline
Staffline Group plc's main business is as a specialist supplier of "blue collar" temporary and contract staff to industry. It provides a fully outsourced service,Β managing the temporary recruitment function of its clientsΒ on their premises, at 112Β OnSiteΒ locations nationwide and also has a network of 13 industrial branches. In addition, the Group has two smaller businesses branded as Techsearch, which specialises in temporary and permanent engineering, IT, HR and FMCG placements, and OSP, which provides permanent recruitment outsourcing services in healthcare, retail, and distribution. The Group, which is managed from a head office inΒ Nottingham, was founded in 1986 and was admitted to AIM in December 2004 (Ticker: STAF.L).
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