Acquisition (5414E)
May 31 2012 - 10:00AM
UK Regulatory
TIDMSAVG
RNS Number : 5414E
Savile Group PLC
31 May 2012
31 May 2012
Savile Group plc ('Savile') or ("the Group")
SAVILE GROUP PLC ACQUIRES CMC
Savile is pleased to announce that it has acquired the whole of
the issued share capital of Career Management Consultants Limited
("CMC"). Founded in 1990, CMC is a leading career management
consultancy providing continuity through business and career change
and have worked with some of the country's biggest employers
through their network across the UK.
For the year ending 30 April 2011, CMC had turnover of GBP5.3m
and made a profit before taxation of GBP170,822. At 30 April 2011,
shareholders funds were GBP719,047. However, since 1 May 2011,
CMC's trading performance has deteriorated significantly. Audited
accounts for the year ended 30 April 2012 are not yet available but
management accounts show sales of approximately GBP3.3m and a loss
before interest, tax and depreciation of approximately GBP450k,
subject to audit and any further adjustments. During the past six
months the CMC has greatly reduced its overhead base.
The consideration for the acquisition has been satisfied by the
payment of GBP75,000 in cash and, in addition, Savile has agreed to
pay GBP10,000 of CMC's legal costs. The agreement includes limited
warranties as to ownership of their shares from the vendors.
The acquisition of CMC reinforces the Savile Group's position as
one of the major providers of Career Transition services, enhances
the Group's regional presence and adds diversity to its client
base.
Penny de Valk, CEO of Fairplace Cedar commented: 'I am delighted
that CMC is joining the Group. It is a company with a strong
reputation in our industry and I am looking forward to working with
their managing director Isabel Chadwick and the rest of her team to
help the Group build on their historical strength in Career
Transition'.
Enquiries
Savile Group plc 020 7204 6990
Jonathan Cohen, Senior
Executive Director
Mark Sidlin, CFO
Cairn Financial Advisers
LLP 020 7148 7900
Tony Rawlinson
Avi Robinson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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