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Prime People PLC (PRP)

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Wednesday 11 October, 2017

Prime People PLC

Acquisition

RNS Number : 2916T
Prime People PLC
11 October 2017
 

11 October 2017

Prime People plc

("Prime People" or the "Group")

Acquisition of a majority interest in Command Recruitment Group (H.K.) Limited

Prime People Plc, the global, specialist recruitment business for professional and technical staff working in the Real Estate & Built Environment, Energy & Environmental and Insight & Analytics sectors, is pleased to announce that the Group's Hong Kong subsidiary, Macdonald and Company Limited, acquired 60 per cent. of the equity capital of Command Recruitment Group (H.K.) Limited ("CMD") for consideration of HK$9.9 million (£1.0 million).

Operating across Asia and the Middle East, from its headquarters in Hong Kong, CMD is an award-winning recruitment consultancy established in 2006 that specialises in providing professional and executive staff for the construction & engineering, design & development, infrastructure and professional services sectors. For the year ended 30 June 2016, CMD reported turnover of HK$16.4 million (2015: HK$ 20.6 million), profit before tax of HK$0.9 million (2015: HK$3.9 million) and had net assets of HK$5.8 million (2015: HK$8.8 million).

The consideration for the acquisition was funded from the Group's existing cash reserves. The key management of CMD will remain with the business post-acquisition and they, as a group, will retain the remaining 40 per cent of CMD's equity capital that has not been acquired by Macdonald and Company Limited. Under the terms of the shareholders' agreement, the Group has the option to purchase CMD's remaining equity capital after 30 June 2018.

Robert Macdonald, Executive Chairman, commented:

"This transaction adds considerably to the Group's client reach and our span of services in the Asia Pacific and Middle East regions. The fit with our current business is complementary and we have identified a range of opportunities arising from the investment.

The long-established, multi-award-winning team at Command considerably strengthens the Group's position as the most trusted recruitment advisor to the Real Estate, Built Environment, and Infrastructure sectors globally. The investment will create a combined team with considerable size, capability and knowledge in the Asia and Middle East regions and follows many years of successful professional collaboration.

The Group's integrated global platform is the perfect environment for Command to further its pioneering work hiring talented experts to design and build some of the world's largest infrastructure and real estate projects. We believe the expertise of our team will help Command achieve its ambition of becoming the pre-eminent firm in its field.

We are very pleased to welcome Command and its people to the Group and look forward to working with them."

For further information please contact:

Prime People

020 7318 1785

Robert Macdonald, Executive Chairman


Peter Moore, Managing Director

Donka Zaneva-Todorinski, Finance Director




Cenkos Securities

020 7397 8900

Elizabeth Bowman


Julian Morse (Sales/Broking)


 

All figures shown in Pounds Stirling are approximate, and were converted from Hong Kong Dollars at the spot rate on 10 October 2017.

 

N.B. This announcement contains inside information.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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