Business
Acquisition of EUResource
Acquisition of EUResource.
About this update from Empresaria Group Plc
[{"type":"text","content":"\n Empresaria Group PLC\n27 September 2006\n\nEmpresaria Group plc\n27 September 2006\n\n\n\nEmpresaria Group plc\n\n\nAcquisition of EUResource Limited\n\n\nEmpresaria Group plc ('Empresaria' or the 'Group') is pleased to announce that\nit has acquired a 51% holding in EUResource Limited ('EUResource'). The\nremainder of the shares are held by the existing management team. EUResource is\nbased in the Midlands and specialises in the recruitment of Eastern European\nworkers to fulfil the temporary and project management needs of UK clients. The\ninitial consideration paid amounts to £249,500, of which £199,500 was paid in\ncash and £50,000 was being satisfied by the issue of 59,880 ordinary shares in\nEmpresaria. Deferred consideration is payable, dependent on the future\nprofitability of EUResource, up to a maximum of £150,000 of which up to £100,000\nmay be satisfied at Empresaria's option by the issue of further ordinary shares\nin Empresaria and the remainder in cash.\n\n\nCommenting on the acquisition, Miles Hunt, Chief Executive of Empresaria said:\n\n\n'The economic benefits to the UK of migrant workers from Eastern Europe may now\nbe broadly recognised but in particular industries, especially where there are\nskill shortages (such as butchers and printers) or seasonal work patterns, these\nbenefits are keenly felt and are consequently driving strong demand for such\nworkers. The acquisition of EUResource creates a new distribution channel for\nour growing network of Eastern European offices.'\n\n\nFor further enquiries please contact:\n\nEmpresaria Group Plc 01293 649 900\nTony Martin (Chairman)\nMiles Hunt (Chief Executive)\nNick Hall-Palmer (Finance Director)\n\n\nBridgewell Securities Limited 020 7003 3000\nJames Wellesley Wesley\n\n\n\nNotes for editors:\n\nEmpresaria Group plc (sector Support Services, staffing) provides specialist\nstaffing services across nine countries through 30 trading subsidiaries.\nEmpresaria was formed in 1996 by Miles Hunt and its business model is based on\nthe philosophy of management equity which allows founder managers and key staff\nwithin Empresaria's subsidiaries to acquire or retain a meaningful stake in the\nbusinesses they run or work in.\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2568,"tagName":"div"}]