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Savile Group PLC (SAVG.L) announced that it has acquired the whole of the issued share capital of Career Management Consultants Limited or "CMC".
Founded in 1990, CMC is a career management consultancy providing continuity through business and career change and has worked with some of the country's biggest employers through their network across the UK.
For the year ending 30 April 2011, CMC had turnover of £5.3 million and made a profit before taxation of £170,822. The consideration for the acquisition has been satisfied by the payment of £75,000 in cash and, in addition, Savile has agreed to pay £10,000 of CMC's legal costs.
According to Savile, the acquisition of CMC reinforces the Group's position as one of the major providers of Career Transition services, enhances the Group's regional presence and adds diversity to its client base.
From 1 June 2012, CMC will join the Fairplace Cedar brand within the overall group. Penny de Valk, CEO of Fairplace Cedar, comments: “I am delighted that CMC is joining the group. Both businesses have strong reputations for high touch quality outplacement services”.
In trading this morning, the Savile Group share price was flat at 11p GBP, 57.14% above the 52 week low of 7p GBP set on 26th October, 2011, but down -12.00% from a year ago. This means the company is valued at £1.64 million