2nd Jul 2014 06:56
LONDON (Alliance News) - Recruiter and training company Staffline Group PLC Wednesday said it has bought Leicester-based training procurement consultancy Softmist Ltd, further boosting its presence in the UK government-funded training sector after it bought Avanta Enterprise Ltd in May.
The company didn't provide any financial details about the Softmist acquisition, but said it will be earnings neutral in the current financial year and was funded from its existing bank facility.
Softmist trades as Skillspoint, and specialises in government-funded, work-based training. It sources potential providers from a network of partners and accesses government funding to subsidise the cost of clients' training programmes, as well as offering its own training services.
The GBP65.5 million deal to buy Avanta in May boosted Staffline's presence in the UK government's Welfare to Work programme, making it one of the three biggest providers of the programme by referral numbers. Welfare to Work is a multi-billion pound programme to help the long-term unemployed into work, and Staffline had targeted expansion in this area as one of its long-term growth initiatives in a five-year growth plan it launched in 2012.
"This acquisition further demonstrates our strategy of selective bolt-on acquisitions and supports our increasing focus on the Welfare to Work and training sectors," Staffline Chief Executive Andy Hogarth said of the Softmist acquisition Thursday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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