Acquisition of further stake in subsidiary

RNS Number : 2645W

Empresaria Group PLC

27 January 2012

 



27 January 2012

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

Acquisition of further stake in subsidiary

Empresaria, the AIM quoted staffing specialist, announces the acquisition of a further 14.5 per cent shareholding in its subsidiary Bar 2 Limited ("Bar 2"), a UK based umbrella company servicing the recruitment industry, for a cash consideration of £0.3 million (the "First Acquisition").  The First Acquisition is conditional upon the audited financial performance of Bar 2 in the financial year ended 31 December 2011 being above a minimum threshold. Following the First Acquisition, Empresaria is the beneficial owner of 85.5 per cent of the issued share capital of Bar 2.

In addition, the Company has agreed,  subject to certain financial and other conditions, to acquire the remaining 14.5 per cent shareholding in Bar 2 in 2014 (the "Second Acquisition"). The consideration for the Second Acquisition will be based on the financial performance of Bar 2 for the three financial years ending 31 December 2013. The Board of Empresaria currently estimates that such consideration will be approximately £0.3 million, to be satisfied in cash.

In the year ended 31 December 2010, Bar 2 generated revenue of £2.4 million and profit before tax of £0.2 million. Net assets at 31 December 2010 were £0.2 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)	0203 328 5656
Nick Naylor Nick Athanas

Notes for editors:

About Empresaria

·     Empresaria Group plc (AIM: EMR; Sector: Support Services, Staffing) operates in 18 countries with over 850 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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