Acquisition

8 Apr 2008 12:13

Empresaria Group PLC08 April 2008 8 April 2008 Empresaria Group plc ("Empresaria" or the "Group") Empresaria Group plc ("Empresaria" or the "Group"), the AIM-quoted internationalstaffing and recruitment specialist, is pleased to announce the completion ofits acquisition of 75% of the share capital of Lumley Employment Company Limited("Lumley") on 4 April 2008. The initial consideration payable amounts to £485,000, comprising £423,000 incash and the issue of 66,666 new ordinary shares of 5p each in Empresaria fullypaid, ranking pari passu with the existing ordinary shares ("Ordinary Shares").Application will be made for these Ordinary Shares to be admitted to trading onAIM and it is anticipated that dealings will commence on 14 April 2008. Thetotal maximum consideration payable amounts to £510,000. Founded in 1972, Lumley has established a strong brand presence in the UK,providing temporary and permanent catering and domestic staff to the private andcommercial sectors. Its acquisition is expected to complement the operations ofan existing Empresaria subsidiary, Greycoat Placements, positioning the Group tostrengthen its exposure to this growing sector of the market. For further information please contact: Empresaria 01293 649 900Miles Hunt, Chief ExecutiveNick Hall-Palmer, Finance Director First City 020 7242 2666Allan Piper Smith & Williamson Corporate Finance Limited 020 7131 4000Azhic Basirov / Siobhan Sergeant Notes for editors: Empresaria Group plc (sector Support Services, staffing) provides specialiststaffing services across seventeen countries through over 40 tradingsubsidiaries. Empresaria was formed in 1996 by Miles Hunt and its business modelis based on the philosophy of management equity which allows founder managersand key staff within Empresaria's subsidiaries to acquire or retain a meaningfulstake in the businesses they run or work in. This information is provided by RNS The company news service from the London Stock Exchange