Empresaria, 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.
The 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.
FastTrack generated revenue in 2009 of £51.0 million with profit before tax of £1.0 million.
FastTrack 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.
For further information contact:
Miles Hunt, Chief Executive, Empresaria Group plc: 01342 711 430
Spencer Wreford, Group Finance Director, Empresaria Group plc: 01342 711 430
Claes Spang, Singer Capital Markets Limited 020 3205 7500