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Empresaria Group plc - Acquisition of Further Stake in Subsidiary

Empresaria Group plc - Acquisition of Further Stake in Subsidiary

Empresaria, the Aim quoted staffing specialist, has announced the acquisition of the remaining 5.7 per cent of the issued shares of FastTrack Management Services (London) Limited ("FastTrack") not currently owned by the Company. Following this acquisition, Empresaria owns 100 per cent of FastTrack's issued shares.

The total consideration is up to &pound282,000, with an initial consideration of &pound254,000 and a deferred consideration of up to &pound28,000, payable in 2013 and contingent on certain performance criteria being met. The acquisition of the remaining shares and the consideration payments are made pursuant to original shareholders agreements between Empresaria and the minority shareholders of FastTrack. The Directors have elected to satisfy the consideration in cash.

FastTrack specialises in the placement of permanent and contract personnel into the Construction, Building Services, Engineering, Automotive, Aviation, Rail and Systems industries. In the year to 31 December 2011, FastTrack generated revenue of &pound43.3 million and profit before tax of &pound0.6 million.

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