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Staffing 360 buys UK subsidiary of Swedish staffing firm

February 03 2014

Staffing 360 Solutions Inc.’s (OTCBB: STAF) will acquire Poolia UK Ltd., a subsidiary of Swedish recruitment firm Poolia AB. Total value of the asset purchase agreement, which is expected to close around March 7, is $825,000.

All Poolia employees in the UK operation will remain with the company, and manager director Tim Hedger will remain with the company in the same position.

Poolia UK has annual revenue of about US $7 million. It counts one office in London, 17 internal associates, 65 temp staff on billing, and approximately 300 placements per annum.

“While this is a smaller acquisition for Staffing 360, it has great strategic value as a tuck-in to our U.K. operations,” said Staffing 360 Vice Chairman A. J. Cervantes.

Staffing 360 Solutions’ existing UK operations were part of the company’s Jan. 3 acquisition of Initio International Holdings Ltd., now Staffing 360 Solutions (UK) Ltd., and its Longbridge Recruitment division. Poolia will merge with the Longbridge office and operate as Longbridge Accounting & Finance.

Staffing 360 Solutions launched in 2012 and is pursuing white-collar staffing companies in the IT, financial, accounting, healthcare and banking industries.

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