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Westaff sells U.K. operations

April 01 2008

Westaff Inc. (NASD: WSTF) said it sold its United Kingdom operations on March 31 to a privately held company. The sale included the company's 25 offices and its headquarters in Gloucester.

"This sale is one of a series of positive steps that management has taken and expects to continue to take relating to Westaff's operations," said CEO and Chairman Michael Willis. "We did not view the U.K. as a long-term strategic fit for the company."

Willis said the company received just over six times EBITDA for the U.K. operations.

Westaff's U.K. revenue rose 8.8% to $44.8 million in 2007, according to its 10-K filing with the U.S. Securities and Exchange Commission for its fiscal year ended Nov. 3, 2007. Total sales were relatively flat but results got a boost as the dollar weakened against the British pound, according to the filing.

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