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| Market | Type | Industry | Raised | Date |
| AIM | Acquisition | Recruitment & Outsourcing | £1m | Dec 2009 |
CONTACTS
CEO: Andy HogarthADVISERS
COMMENT
Staffline, provider of outsourced HR services to industry, is pleased to announce the acquisition of Peter Rowley Limited, a training provider. Peter Rowley, the principal of the company, will remain committed to Staffline for a minimum period of two years.
The acquisition is in line with Staffline's strategy of making selective acquisitions to broaden its revenue streams, thereby positioning it more as a provider of value added business services in the human resource arena.
Peter Rowley has 36 employees and, in the year ended 31 July 2009, it achieved revenues in excess of £2 million per annum and a pre-tax profit of £0.5 million, with a net asset value of £0.8 million.
The consideration comprises an initial cash payment of £1 million, payable from Staffline's existing bank facilities, deferred cash consideration of £0.5 million, payable in January 2011, and two further cash payments payable up to an aggregate maximum of £1.0 million based on 50% of the profits achieved in excess of £0.5 million during the two financial years following the acquisition.
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