Business
Acquisition of minority stake
Acquisition of minority stake.
About this update from Empresaria Group Plc
[{"type":"text","content":"\n RNS Number : 0922U Empresaria Group PLC 08 October 2010 \n \n\n8 October 2010\n \nEmpresaria Group plc (\"Empresaria\" or the \"Company\")\n \nAcquisition of minority stake\n \nEmpresaria, the Aim quoted staffing specialist, announces the acquisition of 28% of the minority shareholding of FastTrack Management Services (London) Limited (\"FastTrack\"), a subsidiary of the Company. After the acquisition of the minority shareholding, Empresaria will own 94% of FastTrack. The consideration payments are made pursuant to original shareholders agreements between Empresaria and the minority shareholders of FastTrack.\nThe Directors have decided to satisfy the consideration for these shares in cash. The total consideration is up to a maximum of £1.96 million, with initial consideration of £1.79 million payable immediately and deferred consideration of up to £163,000. The deferred consideration payment is contingent on certain performance criteria being met and would be payable in 2011.\nFastTrack generated revenue in 2009 of £51.0 million with profit before tax of £1.0 million.\nFastTrack specialises in the placement of construction and engineering personnel on both a contract and permanent basis. FastTrack is ranked in the top 20 of the Recruitment International top 250 report for both construction and engineering businesses in the UK.\n \nAbout Empresaria\n· Empresaria operates out of 17 countries and over 100 offices and has over 800 internal staff.\n· Empresaria applies a management equity philosophy and business model with each group company management team holding significant equity in their own business.\n\nFor further information contact:\nMiles Hunt, Chief Executive, Empresaria Group plc: 01342 711 430 \nSpencer Wreford, Group Finance Director, Empresaria Group plc: 01342 711 430\n &n...