Empresaria Group PLC Sale of subsidiary and related party transaction

RNS Number : 8704K

Empresaria Group PLC

04 November 2024

 

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.

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Enquiries:

Empresaria Group plc Rhona Driggs, Chief Executive Officer Tim Anderson, Chief Financial Officer	via Alma PR
Singer Capital Markets (Nominated Adviser and Joint Broker) Shaun Dobson / Alex Bond	020 7496 3000
Cavendish Capital Markets Limited (Joint Broker) Katy Birkin (Corporate Finance) Michael Johnson / Jasper Berry (Sales)	020 7220 0500
Alma Strategic Communications (Financial PR) Sam Modlin / Rebecca Sanders-Hewett / Will Merison	020 3405 0205 [e-mail]

 

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