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Nottingham-based recruitment firm Staffline Group (STAF: LN) today announced the acquisition of Magna Recruitment, a specialist recruitment business with two separate divisions providing Driving and Industrial staffing services.
Based in Leicestershire, Magna Recruitment has established a strong regional footprint across the Midlands during 20 years of operation. The acquisition is in line with Staffline's existing strategy to expand the Group's driving division, an area of recruitment where Magna has developed a solid market presence and blue chip customer base.
Financial details of the transaction were not released. According to the company’s statement, the acquisition will be earnings neutral this year and is being funded from the Groups' existing bank facility.
Andy Hogarth, Chief Executive of Staffline commented: "This acquisition fits our strategy of selective bolt-on acquisitions and will broaden our customer base as well as accelerate the development of our driving division, which has already gained good market traction. We look forward to working with Magna and working towards meeting our strategic objectives through further organic and acquisitive growth."
In its most recent financial statement, Staffline reported improvement across the board. The company announced that it had undertaken a new five year strategic growth plan aimed at broadening their market reach and increasing the scale of their divisions.
According to Staffing Industry Analysts’ research, Staffline is counted among the twenty largest staffing companies in the UK, and its Chief Executive is one of the most influential executives in the European staffing industry.
Following the announcement, the company’s share price fell by -0.6% to £5.50, an increase of +115.7% compared with a year ago. Based on its current share price, the company has a current market value of £140.1 million.