Business
Disposal of Tribal Resourcing
Disposal of Tribal Resourcing.
About this update from Tribal Group Plc
[{"type":"text","content":"\n RNS Number : 9322A Tribal Group PLC 09 February 2011 \n \n\n \nTribal Group plc\n \nDisposal of Tribal Resourcing \n \n \nTribal Group plc (\"Tribal\"), a leading provider of public sector services in the UK and internationally, announces the disposal of the trade and assets of the Advertising and E-Solutions business streams of Tribal Resourcing Limited (\"Tribal Resourcing\") to TMP (UK) Limited (\"TMP\"). \n \nTribal Resourcing is one of the largest recruitment solutions providers to the UK public sector. Its services are based around the attraction, selection, development and retention of staff across its public sector client base.\n \nIn the audited accounts for the year ended 31 December 2009, Tribal Resourcing had gross assets of £15.8m and it made an operating profit, before goodwill impairment, of £301k on turnover of £62m. Based on unaudited management accounts, Tribal Resourcing made an operating profit of £37k in the year ended 31 December 2010 on turnover of £39m and the business had gross assets of £10.8m.\n \nThe disposal follows the announcement in March 2010 that Tribal would explore strategic options for each of its three Support Services businesses and this transaction represents the final step in concluding the sale of these businesses. \n \nUnder the terms of the disposal, Tribal has sold the business carried on by Tribal Resourcing to TMP for an initial consideration of £1. In addition, TMP will pay to Tribal 20% of the revenue for three years following completion from existing clients for the Advertising and E-Solutions business streams up to a maximum deferred consideration of £6m. \n \nTribal plans to use the proceeds of the disposal to reduce group indebtedness.\n \n \nEnd\n \nFor further information, please contact: \n \nTribal Group plc Telephone: 020 7323 7100 \nPeter Martin, Chief Executive&...