Insider Media Limited

Listed recruitment and outsourcing business Network Group Holdings has made three acquisitions in recent weeks, it has announced.

The Solihull-based company said it has bought Hampshire-based recruitment business Sheridan Maine. The deal included £318,000 in cash for gross assets (including goodwill) of £100,000 and trade receivables of £218,000.

It also bought Options Employment (North), a recruitment business specialising in the engineering and construction sectors based in Scotland, for £664,000 in cash for gross assets (including goodwill) of £50,000 and trade receivables of £614,000.

Finally, Manchester-based Network Professional Recruitment was snapped up from P Investments for £30,000. NGH has also agreed to take-on certain debt.

All three acquisitions have been funded from internal resources, the company said.

The business also said its revenue went up £100,000 to £52.2m in the full-year to 30 November 2010. Profit before tax was £1.9m before exceptional items - an increase of £1.1m.

Tim Watts, chief executive officer of Network Group Holdings (NGH), said: "These acquisitions demonstrate our continued focus of delivering growth to NGH by acquisition as well as investing in organic growth.

"The three companies operate in markets that complement the existing NGH operations and have a presence in sectors that NGH has identified as offering exciting opportunities. I am delighted to welcome the management and employees of the three companies to NGH and using our platform we will be focussed on supporting the businesses to grow."