Empresaria - Acquisition of minority interest in Skill House

Acquisition of the remaining minority interest in Skill House Staffing Solutions KK ("Skillhouse")

Empresaria, the AIM quoted staffing specialist, announces that, pursuant to a shareholders' agreement originally entered into on 22 September 2004, it has acquired the 10 per cent. of the issued shares of Skillhouse, which the Company did not already own. Following this acquisition, Empresaria now holds 100 per cent. of the issued shares of Skillhouse. The total consideration for the shares is approximately GBP 450,000, which has been settled in full in cash. In line with Group strategy, discussions are ongoing with the senior managers of Skillhouse to implement an equity incentive plan for the next stage of growth.

Skillhouse specialises in the placement of IT professionals on a permanent and temporary basis. In the year to 31 December 2011, Skillhouse generated revenue of GBP 8.1 million and profit before tax of GBP 0.6 million.

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