7th Mar 2014 07:48
LONDON (Alliance News) - Impellam Group PLC said Friday it has acquired the entire issued share capital of Career Teachers Limited in a GBP22.3 million deal.
The deal is comprised of an initial cash consideration of GBP19.1 million, a deffered cash consideration of GBP1.5 million and the issue by Impellam of GBP1.7 million in loan notes, said the company.
The acquisition is expected to be earnings enhancing immediately, said Impellam, with the deferred cash payment due in July this year. The Loan Notes are redeemable in August 2017.
For the year to August 31, 2014, Career Teachers is expected to record revenues of GBP21.3 million from GBP17.9 million the previous year. The company reported profit after tax of GBP1.3 million for the year to August 31, 2013 and net assets of GBP1.7 million at that date.
Career Teachers is a specialist education recruitment business which sources short and long term teaching staff from the UK and internationally, placing them in positions with over 450 primary and secondary schools across London and the surrounding Boroughs.
Julia Robertson, Chief Executive Officer of Impellam said, "I am delighted that the management team who have been responsible for the growth and success of Career Teachers will be staying with the business and will take it on to the next stage of its growth and development within the Group.
"Whilst Career Teachers complements our existing Celsian Education business,which is a leading regional player in the provision of teachers to schools and colleges, the personality and identity of the Career Teachers brand will be retained and the two businesses will continue to be managed separately. This acquisition will strengthen the Group's position as a market leader in the education market in the United Kingdom," she added.
Shares in Impellam last traded at 417.5 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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