Connecting to LinkedIn...

Blank

Networkers International PLC - Acquisition

Networkers International PLC - Acquisition

Networkers International PLC, the AIM listed international recruitment company is pleased to announce the acquisition of the entire share capital of Comms Group Ltd, an international recruitment business, for a nominal cash consideration, although it has agreed to commit 750,000 in working capital co-incident with the acquisition.

Comms Group, founded in 1991 and employing 35 staff worldwide, is a leading supplier of resource solutions providing recruitment services and staffing solutions for the Telecoms, Energy and ICT markets. Spanning the UK, Europe, the Middle East, America, Australia, and the Far East, it supplies clients in over 50 countries.

Comms Group will trade as an independent business within the Networkers Group, and the Board of Networkers look forward to working with the senior management team of Comms Group.

For the year ended 31st December 2008 Comms Group generated turnover of approximately 20m and net fee income (gross profit) of 4m and had net assets of 0.7m.

Commenting on the acquisition, Spencer Manuel, Chief Executive Officer of Networkers, said "The acquisition of the Comms Group provides us with an excellent opportunity to accelerate our international expansion plans in the telecommunications and energy markets. With our healthy balance sheet and strong cash generation, we continue to look at strategic acquisition opportunities that may present themselves at this point of the economic cycle."

Tags:

Articles similar to

Articles similar to