NGH acquires again
Network Group Holdings (NGH), based in Solihull, has completed two acquisitions. The purchases, worth up to £844,000, will bring the number of acquisitions by the recruitment company this year to six.
NGH, which specialises in recruitment and outsourcing, operates 24 subsidiaries across the UK.
The company bought 51 per cent of the issued share capital of both SSR Personnel Incorporating Executive Profiles and SSR General & Management.
Both businesses specialise in the placement of permanent and contract employees in the security and allied markets.
A maximum of £422,000 will be paid for each acquisition, said NGH.
A payment of £82,000 has already been paid for each company. As part of the deal, NGH has made a £78,000 injection of working capital into each company in the form of a subscription for new shares.
Tim Watts, chief executive of NGH, said: "Further to my comments that I made in the announcement on 5 May 2011 this is yet another targeted acquisition of two well established businesses, operating in a market that complements the existing NGH operations and has a presence in a sector that NGH has identified as offering exciting opportunities.
"I am delighted to welcome the management and employees of SSRCT and SSRGM to NGH and using our platform we will be focussed on supporting the businesses to grow."
The management of the two London based businesses have each retained a 49 per cent shareholding stake.
NGH funded the acquisitions from internal resources.
