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Empresaria Group Plc, the AiM quoted staffing firm, has decided to exit the Dutch market where it had only a small loss-making presence. The group has therefore entered into an agreement on 13 April 2010 to dispose of its 60% interest in its Dutch staffing business, EAR Holding B.V., to the fast growing Dutch staffing firm Otto Holding B.V. for a consideration of 1 Euro.
EAR's revenue in 2009 was 4.7 million Pounds and its loss after exceptional charges and before taxation was -0.7 million Pounds. EAR had net liabilities of approximately 0.3 million Pounds as at 31 December 2009. The transaction is expected to reduce Empresaria's net debt by 0.1 million Pounds and will result in a small accounting gain on disposal.
Otto Work force specialises in the provision of temporary staff from Poland, Slovakia and the Czech Republic. Earlier this year, Otto Work Force acquired the German and Polish operations of insolvent staffing agency Olympia Flexgroup AG of Germany.