Empresaria, the UK-based specialist staffing group, announced the sale of its 51% stake in its Japanese subsidiary, Fines Tokyo K.K., to Fines Holdings K.K.

As part of this transaction, Fines K.K., the holding company previously holding 100% of Fines, repaid JPY 50 million (approximately £328,507) of a JPY 90 million (around £591,313) intercompany balance to the company in cash.

Following this, the company transferred its 51% stake in Fines back to Fines for no further payment. Collectively, these actions constitute the sale, which the company considers completed as of 18 October 2024.

Fines provides recruitment in the fashion retail market in Japan. Further to its earlier announcements, this sale is the fourth exit of smaller operations in markets or sub-sectors where Empresaria does not plan to invest as per its plans. The consideration will be held on the group’s balance sheet.

In 2023, Fines contributed £1.9 million to the group’s revenue, £0.6 million to net fee income, £0.0 million to adjusted profit before tax and had net assets of £0.3 million as of 31 December 2023.

Earlier this month, the Empresaria announced the sale of its 96.7% interest in Team Resourcing Limited (TRL) to Team Resourcing (TRHL).