Swedish staffing firm Uniflex announced that it has signed an agreement to sell its German subsidiary to German group Topp Holdings.

Topp Holdings, a holding company that focuses on the business services sector, will buy all shares in Uniflex’s German subsidiary for a price of SEK 1.2 million (approximately €122,890).

Uniflex added that the effect of the transaction after the deduction for advisory costs amounts to a loss of SEK 1 million (approximately €102,425) and will be charged to earnings in the fourth quarter.

The company announced last year that it was searching for buyers for its German business.

"Unfortunately, we have not managed to get our German business to profit and I believe that the best for the staff and customers in the business is for the company to get another residence,” Jan Bengtsson CEO Uniflex, said. “I am pleased with the strong commitment our German employees have shown recently and I am convinced that they will enjoy their new owners well. "

Revenue for Uniflex’s German business has posted declines for every quarter in 2017 with the most recent third quarter results showing a decline of 26.6% compared to the previous year.