Empresaria Group plc - Disposal
Empresaria Group plc - Disposal of Dutch staffing business
Empresaria Group plc, the AiM quoted staffing specialist, has entered into an agreement on 13 April 2010 to dispose of its 60% interest in its Dutch staffing business, EAR Holding B.V. ("EAR"), to OTTO Holding B.V. for a consideration of 1 in cash. EAR's revenue in 2009 was 4.7m and its loss after exceptional charges and before taxation was 0.7m. EAR had net liabilities of approximately 0.3m as at 31 December 2009. The transaction is expected to reduce Empresaria's net debt by 0.1m and will result in a small accounting gain on disposal.
As set out in Empresaria's preliminary results for the 12 months ended 31 December 2009 (released on 25 March 2010), Empresaria highlighted that the outlook for the Dutch staffing market remained a concern. Consequently, the Board has taken the decision to exit entirely the Dutch market, where it had only a relatively small presence, through the disposal of EAR.