Disposal

RNS Number : 1445K
Empresaria Group PLC
14 April 2010
 



14 April 2010

 

 

Empresaria Group plc ("Empresaria")

 

Disposal of Dutch staffing business

 

 

Crawley, UK: Empresaria Group plc, the AiM quoted staffing specialist, has entered into an agreement on 13 April 2010 to dispose of its 60% interest in its Dutch staffing business, EAR Holding B.V. ("EAR"), to OTTO Holding B.V. for a consideration of €1 in cash. EAR's revenue in 2009 was £4.7m and its loss after exceptional charges and before taxation was £0.7m. EAR had net liabilities of approximately £0.3m as at 31 December 2009. The transaction is expected to reduce Empresaria's net debt by £0.1m and will result in a small accounting gain on disposal.

 

As set out in Empresaria's preliminary results for the 12 months ended 31 December 2009 (released on 25 March 2010), Empresaria highlighted that the outlook for the Dutch staffing market remained a concern. Consequently, the Board has taken the decision to exit entirely the Dutch market, where it had only a relatively small presence, through the disposal of EAR.

 

 

 

Enquiries

 

Empresaria Group plc

 

01293 649 900

Miles Hunt

 

 

Stuart Kilpatrick

 

 

 

Singer Capital Markets Ltd

 

020 3205 7500

Nicholas How

 

 

Richard Savage

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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