Daily News

View All News

UK – Staffline acquires Diamond Recruitment

13 October 2015

UK staffing and employability organisation Staffline Group (STAF: LSE) today announced that it has acquired Northern Ireland-based Diamond Recruitment Group. Diamond specialises in temporary and permanent recruitment solutions in a number of Staffline’s core business sectors.

The acquisition will also bring in a number of large blue-chip clients based in Northern Ireland; as well as knowledge of the local area and a strong reputation with clients.

As one of the largest recruitment firms in Northern Ireland, Diamond providers over 2,000 workers each day from a database of more than 59,000 candidates, adding significant scale to Staffline’s local presence.

The acquisition will be earnings neutral this year and is being funded from the Group’s existing bank facility.

The acquisition is in line with Staffline’s strategy to expand geographically and will accelerate the growth of the existing Staffline Ireland division, which was opened in 2013.

This latest acquisition marks the second in two months and third so far this year. In September 2015, Staffline acquired transport and logistics staffing firm Milestone Operations Ltd, having bought welfare to work and skills training services firm A4e in April. 

Andy Hogarth, CEO of Staffline, commented: “This acquisition fits our strategy of selective bolt-on acquisitions and will expand our Staffline Ireland division, enhancing our reach and customer base considerably. We are delighted to welcome the Diamond team to the Group and look forward to continuing to grow our business in Northern Ireland.”

Financial details of the acquisition were not disclosed.

In trading today, the company’s share price was unchanged at £15.00, an increase of 74.3% compared with a year ago. Based on its current share price, the company has a market value of £416.2 million.