Servoca Regulatory News (SVCA)

3 Jun 2005 11:46

Multi Group PLC03 June 2005 Multi Group plc ("Multi" or the "Company") Acquisition of the business and assets of Grays Personnel Limited The directors of Multi, the AIM listed niche recruitment group, are pleased toannounce that its wholly owned subsidiary, Berry Recruitment Limited, has todayacquired the business and assets of Grays Personnel Limited. Grays is an independent recruitment agency founded in 1988 whose offices inHorsham, Epsom, Sutton, and Worthing are geographically complimentary to theeleven branches in Berry's network. The business specialises in the selectionand supply of temporary and permanent staff into a wide range of commercialsectors. The business will be fully integrated into Berry Recruitment but willcontinue to trade as Grays Personnel in the short term. Unaudited management accounts indicate that in the twelve months to 30 April2005, Grays made a loss before taxation of approximately £251,000 on revenues ofsome £5.2 million. However, it has been estimated that some £105,000 ofthese losses were attributable to a branch that was closed in April 2005 andthat some £100,000 of costs were attributable to the previous owners of thebusiness and some £174,000 to its head office function. The consideration paid for the acquisition was £250,000 in cash. This information is provided by RNS The company news service from the London Stock Exchange