The US based staffing company Staffing 360 Solutions (STO:POOLB) acquires the business of Poolia UK Ltd through its subsidiary Staffing 360 Solutions (UK) Ltd.
The deal will be completed on February 28 based on the accounts on the completion date. The purchase price for the business is £ 500 000, plus an amount equal to the net asset value of the business at the date of completion. The deal is dependent on the employee consultation process that is required according to UK law, and will be completed on February 28, if that process is successfully completed. Under the terms of the agreement all current seventeen Poolia UK staff will be offered continued employment within Staffing 360 Solutions Ltd.
“Poolia has been active in temporary staffing and permanent placements in the UK since 2004. Since the autumn of 2012 Poolia´s UK business has been in a turnaround process and is now on a positive development track under its current leadership. Given that Poolia has incurred large losses over several years and that a profitable business is still to be developed, Poolia has decided to concentrate on core business on the Swedish, Finnish and German markets. I am very pleased that we have found a natural home for Poolia’s UK business. In the UK, Poolia has built a strong reputation as a Finance and Accountancy specialist, which will complement the current specialist markets operated by Staffing 360 Solutions under the Longbridge brand” says Dag Sundström, resigning CEO of Poolia AB.
“We are thrilled with the opportunity to join the Staffing 360 Solutions team,” stated Tim Hedger, Managing Director of Poolia UK. “The timing and our long-held vision of becoming a leading staffing firm in UK matches well with Staffing 360’s expertise in the field of permanent placement and temporary staffing across both the US and UK. We also look forward to leveraging Staffing 360’s capital markets expertise, which has allowed them to grow through acquisitions so rapidly.”
“We are pleased to report yet another acquisition for Staffing 360 Solutions since the start of 2014,” stated Brendan Flood, Executive Chairman of Staffing 360 Solutions. “Poolia adds additional size and services to our existing operations in Europe. It’s a great addition to Staffing 360’s recent Initio acquisition and complements our Longbridge Recruitment operations in the UK.”
Poolia’s business concept is to provide companies and organizations with the skills that, either temporarily or permanently, meet their needs for qualified professionals. Poolia specialize in temporary staffing and permanent placement of professional staff in our focus areas of Finance & Accounting, Financial Services, Office Support, IT & Engineering, Sales and Marketing, Human Resources, and Executive Search. Poolia has business in Sweden, Finland, United Kingdom and Germany. Poolia is listed on the NASDAQ OMX Stockholm AB since 1999.
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