Disposal of business

RNS Number : 8845M

Empresaria Group PLC

30 August 2013

 

30 August 2013

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

Disposal of business

Empresaria, the AIM quoted staffing specialist, announces the disposal of the whole of the business and trading assets carried on by Bar 2 Limited ("Bar 2") to Procap Services Limited.  In reviewing our portfolio of companies, which is primarily a staffing group focused on international emerging staffing markets, it was determined that Bar 2 no longer fitted that strategy. Following this transaction, the Company no longer operates any UK based business providing umbrella payroll services.

The consideration is an up-front cash receipt of £100,000 with a further £660,000 cash receivable in the future, contingent on performance. 

In the year ended 31 December 2012, Bar 2 generated revenue of £1.6 million and profit before tax of £0.2 million. Net assets at 31 December 2012 were £0.1 million.

For further information contact:  

Empresaria Group plc Joost Kreulen, Chief Executive Spencer Wreford, Group Finance Director	01342 711 430
Shore Capital Bidhi Bhoma / Edward Mansfield	020 7408 4090

Notes for editors:

About Empresaria

·     Empresaria Group plc (AIM: EMR; Sector: Support Services, Staffing) operates in 18 countries with over 800 internal staff and has a strong focus on the development of emerging markets and speciality niche staffing sectors.

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

 

END

 

 

DISPMMTTMBIJBPJ