Empresaria Group PLC
05 October 2006
Acquisition of Polish staffing companies
Empresaria Group plc ('Empresaria') is pleased to announce that, as a further
step in line with its strategic objective of building a broad international
presence, it has entered into a binding commitment to acquire a 51% shareholding
in each of the following companies:
ITC PRACA Sp. Z.o.o.
ITC APT Sp. Z.o.o.
ITC CS Sp. Z.o.o.
Based in Krakow, Poland, the companies share a common management team. ITC PRACA
is a leading brand in the 'work abroad' market, sourcing Polish workers on
behalf of overseas organisations in Western and Southern Europe. In 2005 the
company sourced approximately 3,000 workers for the UK and Ireland markets. ITC
APT is a temporary staffing company focusing on the Polish local market. ITC CS
provides training services to candidates.
Through its acquisition of the above companies, Empresaria has also acquired an
indirect interest of 25% in Cufik Sp. Z.o.o. Cufik is a candidate care
operation, providing Polish contractors and migrant workers with insurance and
travel services as well as offering tax consultancy.
Empresaria is paying initial consideration of Â£0.6m for 51% of each of the above
businesses with potential further consideration of up to Â£0.7m payable dependent
on financial performance in 2006 and 2007. The current management team retains
the balance of the shares in each company.
Miles Hunt, Empresaria Chief Executive, commented:
'ITC is a successful, well established, Polish staffing brand. It has strong
brand presence in the work abroad market and is enjoying rapid growth in its
local Poland based temporary staffing operations. The investment by Empresaria
in ITC and its related companies provides direct access to Polish workers to our
UK based operations and gives Empresaria exposure to the high growth Polish
staffing market. This is another significant step in Empresaria's strategy to
become a broadly based international staffing group.'
This information is provided by RNS
The company news service from the London Stock Exchange