Staffline Recruitment Group plc
19 March 2007
For immediate release 19 March 2007
STAFFLINE RECRUITMENT GROUP PLC
('Staffline' or 'the Group')
Acquisition
Staffline, a leading provider of recruitment and outsourced HR services to
industry, is pleased to announce the acquisition of Onsite Partnership Ltd, a
Market Harborough-based recruitment company. The initial consideration is £2.0
million payable in cash from Staffline's existing bank facilities, to be
followed by additional cash payments over a three year period, contingent upon
levels of new business won during that time. The acquisition of Onsite
Partnership is expected to make a positive contribution to Staffline in the
Group's current financial year.
Staffline's strategy continues to be based primarily on organic growth through
expansion of the number of OnSite locations for both new and existing customers.
As indicated at the time of the Group's Admission to AIM in 2004, selective
acquisitions of complementary companies that improve our service offering, such
as Onsite Partnership, are also considered.
Onsite Partnership was founded in 1999 by Brian Jordan, its Managing Director,
and specialises in the provision of staff to a mostly blue-chip client base,
principally in distribution and logistics. The Company employs 28 permanent
members of staff, operating from 25 on site locations. Onsite Partnership has
revenues in excess of £10m per annum and is expected to be profitable this year
under Staffline's ownership. Net assets as at the year end totalled £0.1m, and
the Company had a small overdraft for working capital purposes.
Commenting, Andy Hogarth, Staffline's Managing Director, said:
'I am delighted today to announce the completion of Staffline's first
acquisition since flotation in 2004. Onsite Partnership's business complements
our existing operations and will, we believe, provide us with additional
cross-selling opportunities and a greater geographical reach, in line with our
stated strategy for growth.
'We believe that this represents an exciting opportunity both for Staffline and
for Onsite Partnership, we look forward to welcoming them into the Staffline
fold and working together to continue to grow the Group, whilst maintaining the
exceptional standards of customer service for which we are known.'
- Ends -
For further information, please contact: www.staffline.co.uk
---------------------
Staffline Recruitment Group plc 0115 950 0885
Andy Hogarth, Managing Director 07931 175775
Carole Harvey, Finance Director 07904 262132
Oriel Securities Limited
Natalie Fortescue 020 7710 7615
Smithfield
Miranda Good / Reg Hoare 020 7360 4900
About Staffline
Staffline Recruitment Group plc's main business is as a specialist supplier of
'blue collar' temporary and contract staff to industry. It provides a fully
outsourced service, managing the temporary recruitment function of its clients
on their premises, at 73 OnSite locations nationwide and also has a network of
17 industrial branches. In addition, the Group has a smaller division called
Techsearch which specialises in temporary and permanent engineering, IT, HR and
FMCG placements and operates from 4 branches. The Group, which is managed from a
head office in Nottingham, was founded in 1986 and was admitted to AIM in
December 2004 (Ticker: STAF.L).
This information is provided by RNS
The company news service from the London Stock Exchange
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