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Savile Group plc (SAVG:LSE), the AIM listed human resources consulting group, has announced that it has acquired the right to take a controlling interest in Ashbourne Assessment Systems Limited.
Ashbourne is based in Oxfordshire and provides assessment, selection and training services to the public sector. Savile has agreed to provide a loan facility of up to 300,000 Pounds with the right to acquire more than 50% of Ashbourne on or after 1 July 2010. The option to acquire a majority stake is at a valuation of 1 million Pounds adjusted by actual performance of 2009 and 2010.
Founded in 1992, Ashbourne has a track record within the public sector and is accredited by HM Treasury's Office of Government Commerce to supply its services across the public sector. Notable public sector clients include the Ministry of Defence, H M Revenue & Customs and the National Health Service.
Having made a pre-tax profit of 0.5 million Pounds on turnover of 4.2 million Pounds in the year ended December 2008, Ashbourne now expects to make a pre-tax loss in the current year on turnover of approximately 2 million Pounds. However, the board of Savile will work closely with Ashbourne's management team going forward and are hopeful of a return to profit in 2010.