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Corporate Services Group deal announced

February 14 2008

Corporate Services Group PLC announced last week it's in talks with the Carlisle Group PLC over a possible merger. Corporate Services, a staffing company based in Luton, England, owns CoreStaff in the United States. The Carlisle Group is a staffing firm based in Welwyn Garden City, England. The deal has the backing of Michael Ashcroft, who owns 29.7% of Corporate Services and 74.3% of Carlisle.

Plans call for the two firms to join and form a new company. Corporate Services shareholders would hold 47% of the new firm while Carlisle shareholders would hold 53%. A subsidiary would also be formed with shares in that going to Carlisle shareholders.

Corporate Services CEO Desmond Doyle would serve as CEO of the new company while Carlisle CEO Richard Bradford would be chief operating officer.

Corporate Services had revenue of GBP533.9 million (US$1.05 billion) in 2006. Carlisle had revenue of GPB369.5 million (US$725.2 million) for its fiscal year ended March 31, 2007.

The new company would trade on the AIM.


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