Acquisition of further stake in subsidiary

RNS Number : 6418H

Empresaria Group PLC

13 July 2012

 



13 July 2012

Empresaria Group plc ("Empresaria" or the "Company")

Acquisition of further stake in subsidiary

Empresaria, the Aim quoted staffing specialist, announces the acquisition of the remaining 5.7 per cent of the issued shares of FastTrack Management Services (London) Limited ("FastTrack") not currently owned by the Company.  Following this acquisition, Empresaria owns 100 per cent of FastTrack's issued shares.

The total consideration is up to £282,000, with an initial consideration of £254,000 and a deferred consideration of up to £28,000, payable in 2013 and contingent on certain performance criteria being met. The acquisition of the remaining shares and the consideration payments are made pursuant to original shareholders agreements between Empresaria and the minority shareholders of FastTrack.   The Directors have elected to satisfy the consideration in cash.

FastTrack specialises in the placement of permanent and contract personnel into the Construction, Building Services, Engineering, Automotive, Aviation, Rail and Systems industries. In the year to 31 December 2011, FastTrack generated revenue of £43.3 million and profit before tax of £0.6 million.

For further information contact:  

Empresaria Group plc	01342 711430
Joost Kreulen, Chief Executive   Spencer Wreford, Group Finance Director
Altium (Nominated Adviser)	0207 484 4040
Tim Richardson
Allenby Capital Limited (Broker) Nick Naylor	0203 328 5656

Notes for editors:

About Empresaria

·     Empresaria Group plc (AIM: EMR; Sector: Support Services, Staffing) operates in 19 countries with over 800 internal staff.

·     Empresaria Group plc applies a management equity philosophy and business model, with group company management teams holding significant equity in their own businesses.

 

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