Empresaria, the UK-based specialist staffing group, announced the sale of its 96.7% interest in Team Resourcing Limited (TRL) to Team Resourcing (TRHL) for a cash consideration of £320,944 payable on completion.

TRL operates in the UK new home sales and BMS/BEMS (building management systems/building energy management systems) markets.

The sale is part of the group’s previously announced plan to exit four smaller operations in markets or sub-sectors where it does not plan to invest by the end of 2024.

The sale proceeds will be held on the group’s balance sheet.

In its 2023 financial year, TRL contributed £3.4m to the group’s revenue, £0.8 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.

As part of the transaction, Catherine Delaney (the existing managing director of TRL) is also selling her 3.3% interest in TRL to TRHL and is continuing in her role. Upon completing the sales, Delaney became a 20% shareholder in TRHL.

Last month, Empresaria announced that it expects results in the fourth quarter to be worse than previously forecast. The company said market conditions in Germany were particularly challenging, at what is normally a peak time for its operations there, along with a continued deterioration of markets in APAC, which in some cases had been relatively resilient.