Staffline Group, a national outsourcing organisation, has acquired Select Appointments, a specialist staffing services business providing office and administration staff across the UK.
Select, which has been in operation since the 1980s, has 31 franchise offices throughout the UK and will continue to trade under the Select and Parkhouse brands.
The transaction will be earnings neutral in the first full year of ownership and earnings enhancing thereafter. The acquisition is being funded by Staffline's existing bank facility.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said it plans to pursue an aggressive expansion programme and has targeted tripling the number of Select franchises over the next three years, in order to further establish the brand nationwide.
Andy Hogarth, Chief Executive of Staffline said: "The acquisition of Select Appointments is an exciting strategic step for Staffline as we seek to further broaden our operational reach. Not only is the Select brand instantly recognisable but its established franchise network will provide a stable footing for the Group as we seek to expand our services into the white collar staffing market.
"Today's announcement is a natural evolution for our business as we aim to replicate our success in the blue collar recruitment market. Our recent expansion into the Welfare to Work arena coupled with today's announcement is a clear indication of our ambitions to further grow the business and continue to enhance shareholder value."
NR
