Acquisition

17 Mar 2006 13:41

Empresaria Group PLC17 March 2006 Empresaria Group plc Acquisition of Empresaria GIT Holdings Limited Empresaria Group plc ("Empresaria" or "the Group") is pleased to announce thaton 17th March 2006 it purchased 60% of the share capital of Empresaria GITHoldings Limited ("GIT") for an initial consideration of £90,000 (3.8 millionCzech Crowns). In addition Empresaria has made available a loan of £60,000 (2.5million Czech Crowns) to fund expansion of the business. This transaction continues the expansion of Empresaria's internationaloperations and represents its first move into Eastern Europe. It also extendsthe Group's representation into two new countries, the Czech Republic andSlovakia. GIT has offices in Prague in the Czech Republic and Bratislava in Slovakia andsupplies staff principally in the IT market. In the year ended 31 December2005, GIT's operations generated sales of £150,000. Commenting on the acquisition, Miles Hunt, Chief Executive of Empresaria said: "We are delighted to be able to announce this continuation of our internationalexpansion programme and our first step into the rapidly developing EasternEuropean markets." 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 is a diversified recruitment group built on a philosophy ofmanagement equity through organic growth, investment in start-up businesses andproviding funding for management buy outs within the staffing sector. Empresaria was formed in 1996 by Miles Hunt and consists of 25 staffingcompanies. Its business model allows founder managers and key staff withinEmpresaria's subsidiaries to acquire or retain a meaningful stake in thebusinesses they run or work in. Empresaria currently provides specialist recruitment services across fivesectors in the UK; namely: 1. Construction, Property Services & Engineering; 2. Supply Chain; 3. Public Sector; 4. Financial Services; and 5. Specialist Brands. In addition, Empresaria is actively expanding internationally and has alreadyestablished operations in the US, China, Japan, Australia, Thailand andIndonesia. This information is provided by RNS The company news service from the London Stock Exchange