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Empresaria exits Japanese fashion staffing market with subsidiary sale

8th Nov 2024 13:04

(Alliance News) - Empresaria Group PLC on Friday announced the sale of its 51% interest in its Japanese subsidiary Fines Tokyo KK.

As part of the transaction, buyer Fines Holdings KK repaid JPY50 million, about GBP253,000, of an outstanding JPY90 million intercompany balance due to Empresaria.

The Crawley, England-based specialist staffing company, said that the sale marks the fourth exit from smaller, non-core markets and sectors.

Fines Tokyo generated GBP1.9 million in revenue and GBP600,000 in net fee income for Empresaria in 2023.

Yoshikazu Tanabe and Tomonari Harada are directors in Fines Tokyo and have interests in buyer Fines Holdings KK.

Empresaria shares were down 5.1% to 26.58 pence each in London on Friday afternoon.

By Eva Castanedo, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights reserved.

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