Network Group expands with PPR
Network Group Holdings, based in Solihull, has completed its fourth acquisition of the month with the £80,000 buy of Warwick-headquartered Procurement People Recruitment (PPR).
The acquisition was completed on behalf of the company's subsidiary business Network Recruitment Partnership.
PPR specialises in the short-term and permanent placement of procurement professionals. Once the acquisition has been completed, it will be based at Network House in Birmingham.
The total consideration of the acquisition is a maximum of £80,000, comprising £20,000 in cash and £20,000 equity. Up to £40,000 of deferred consideration will then be payable in cash based on the gross profits of PPR for the year ended 31 December 2011.
In addition, Network Group Holdings has injected £119,226 towards the working capital requirements of PPR.
Unaudited financial statements of PPR for the year ended 31 December 2010 show turnover of £1.1m and gross profit of £221,000.
Earlier this month, the company completed the acquisitions of Sheridan Maine, Options Employment and Network Professional Recruitment.
