5th May 2006 08:00
5 May 2006 HAYS PLCACQUISITION OF ST GEORGE'S HARVEY NASH LTDHays plc today announces the acquisition of St George's Harvey Nash Ltd, aspecialist recruitment business providing executive search and selectionservices in the People's Republic of China and Hong Kong.HighlightsHays believe that the People's Republic of China and South East Asia offersubstantial growth opportunities in the specialist recruitment market and thisacquisition provides a platform from which to develop our specialistrecruitment model.The business operates from three offices in the People's Republic of China, inShanghai, Shenzhen and Guangzhou under a joint venture agreement with a localChinese partner in which Hays has the majority shareholding. The wholly ownedHong Kong business operates from a single office.The well-respected and highly experienced management team will remain with thebusiness to develop market-leading positions in the region.The business will be fully integrated into Hays' existing operations in theAsia Pacific region with the existing search and selection business branded asHays Executive.CommentsCommenting on the acquisition, Denis Waxman, Chief Executive of Hays plc said:"We are delighted that St George's Harvey Nash has joined the Hays Group. Weare excited by the location, quality and potential of this acquisition as wellas the strength, reputation and professionalism of the local management team.We have identified the People's Republic of China as a highly attractive growthmarket for specialist recruitment. The acquisition of St George's Harvey Nashprovides Hays with a strong platform to expand the Hays business model into theChinese market."FinancialCash consideration for 100% of the share capital was ‚£2.3 million on a cash anddebt-free basis. A further ‚£5.2 million will become payable on achievement ofspecific growth and profitability targets over the next 4 years. In the yearended 31 December 2005, the business generated net fees of ‚£1.3 million andoperating profits of ‚£0.2 million. - ends - EnquiriesRichard Jackson Investor Relations, Hays plc + 44 (0) 20 7628 9999Mike Smith Brunswick + 44 (0) 20 7404 5959ENDHAYS PLCRelated Shares:
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