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Germany — Olympia Flexgroup AG announces cash flow insolvency

20 January 2010

The board of directors of Olympia Flexgroup AG (AOUZ.EUR:PLU) has yesterday applied to a court in Dusseldorf for an insolvency regime due to the inability to pay debts as they fall due.

The application concerns only Olympia Flexgroup AG based in Dusseldorf. The operative subsidiaries Olympia Personaldienstleistungen Deutschland GmbH, Olympia European Service Center B.V and Olympia Nederland B.V. are not concerned.

The German operating company Olympia Personaldienstleistungen Deutschland GmbH has already announced that it is in talks with several investors about the continuation of the operative business.

In the Autumn of 2006 Olympia Beheer B.V. of The Netherlands had bought 74.9% of the shares of Allbecon AG based in Germany. After the merger of the two temporary employment agencies the new group changed its name to Allbecon Olympia. In 2008 the group's name was changed again to the current Olympia Flexgroup AG.

With annual sales of 370 million Euro in 2008' Olympia Flexgroup is the 26th largest staffing company in Europe according to Staffing Industry Analysts' own ranking and 7th largest in the Dutch market. The Company operates more than 30 offices in Germany with a reported 63 million Euro in annual sales in 2008.



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