4 November 2024
Empresaria Group plc
("Empresaria" or the "Group")
Sale of non-core subsidiary and related party transaction
Empresaria, the global specialist staffing group, announces the sale of its 96.7% interest in Team Resourcing Limited ("TRL") to Team Resourcing (Holdings) Limited ("TRHL") ("Sale") for a cash consideration of £320,944 payable on completion. TRL operates in the UK new home sales and BMS/BEMS markets. The Sale is part of our previously announced plan to exit four of our smaller operations in markets or sub-sectors where we do not plan to invest by the end of 2024. The Sale proceeds will be held on the Group's balance sheet.
In its 2023 financial year, TRL contributed £3.4m to the Group's revenue, £0.8m to net fee income, £0.0m to adjusted profit before tax and had net assets of £0.3m as at 31 December 2023.
Related party transaction
As part of the transaction Ms Delaney is also selling her 3.3% interest in TRL to TRHL and is continuing in her role. Upon completion of the Sale, Catherine Delaney (the existing Managing Director of TRL) became a 20% shareholder in TRHL.
The Sale is considered a related-party transaction for the purposes of AIM Rule 13. The directors of Empresaria, all of whom are independent of Ms Delaney and TRHL, consider, having consulted Singer Capital Markets Advisory LLP, the Company's nominated adviser, that the terms of the Sale are fair and reasonable insofar as Empresaria's shareholders are concerned.
- Ends -
Enquiries:
| Empresaria Group plc | via Alma PR |
| Singer Capital Markets (Nominated Adviser and Joint Broker)
| 020 7496 3000 |
| Cavendish Capital Markets Limited (Joint Broker) | 020 7220 0500 |
| Alma Strategic Communications (Financial PR) | 020 3405 0205 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.