Acquisition of EUResource

27 Sep 2006 10:13

Empresaria Group PLC27 September 2006 Empresaria Group plc27 September 2006 Empresaria Group plc Acquisition of EUResource Limited Empresaria Group plc ("Empresaria" or the "Group") is pleased to announce thatit has acquired a 51% holding in EUResource Limited ("EUResource"). Theremainder of the shares are held by the existing management team. EUResource isbased in the Midlands and specialises in the recruitment of Eastern Europeanworkers to fulfil the temporary and project management needs of UK clients. Theinitial consideration paid amounts to £249,500, of which £199,500 was paid incash and £50,000 was being satisfied by the issue of 59,880 ordinary shares inEmpresaria. Deferred consideration is payable, dependent on the futureprofitability of EUResource, up to a maximum of £150,000 of which up to £100,000may be satisfied at Empresaria's option by the issue of further ordinary sharesin Empresaria and the remainder in cash. Commenting on the acquisition, Miles Hunt, Chief Executive of Empresaria said: "The economic benefits to the UK of migrant workers from Eastern Europe may nowbe broadly recognised but in particular industries, especially where there areskill shortages (such as butchers and printers) or seasonal work patterns, thesebenefits are keenly felt and are consequently driving strong demand for suchworkers. The acquisition of EUResource creates a new distribution channel forour growing network of Eastern European offices." For further enquiries please contact: Empresaria Group Plc 01293 649 900Tony Martin (Chairman)Miles Hunt (Chief Executive)Nick Hall-Palmer (Finance Director) Bridgewell Securities Limited 020 7003 3000James Wellesley Wesley Notes for editors: Empresaria Group plc (sector Support Services, staffing) provides specialiststaffing services across nine countries through 30 trading subsidiaries.Empresaria was formed in 1996 by Miles Hunt and its business model is based onthe philosophy of management equity which allows founder managers and key staffwithin Empresaria's subsidiaries to acquire or retain a meaningful stake in thebusinesses they run or work in. This information is provided by RNS The company news service from the London Stock Exchange