Work Group plc reported it signed a memorandum of understanding for the potential acquisition of a group of companies in the business services sector, according to a regulatory announcement. In addition, share trading in Work Group plc stock was temporarily suspended starting Friday.

“We are pleased to advise that we entered into a memorandum of understanding on an opportunity for the potential acquisition of a group of companies in the business services sector, and that extensive due diligence has been on-going for some time”, Chairman Simon Howard said.

The deal would be a reverse takeover and has requirements including publication of an admission document and shareholder approval, according to the company. Because those won’t be concluded before February, the company has requested a suspension in trading of its shares.

Work Group hopes to complete the acquisition deal in the first quarter of next year.

Alliance News reported that “Work Group used to be a human resources consultancy, but at the end of 2015 converted into an investment company after selling its overseas and UK businesses to professional outsourcing firm Capita plc”.