Acquisition of Career Teachers Limited

Released : 07.03.2014 07:00

RNS Number : 7479B
Impellam Group plc
07 March 2014
 



                                                                                                                               

 

IMPELLAM GROUP PLC

("Impellam", the "Group" or the "Company")

 

ACQUISITION OF CAREER TEACHERS LIMITED

 

Impellam is pleased to announce the acquisition today of the entire issued share capital of Career Teachers Limited. 

Founded in 2004, Career Teachers is a specialist education recruitment business which sources short and long term teaching staff from the UK and internationally, placing them in positions with over 450 primary and secondary schools across London and the surrounding Boroughs.

Impellam has acquired Career Teachers for a total consideration of £22.3 million comprising an initial cash consideration of £19.1 million, a deferred cash consideration of £1.5 million and the issue by Impellam of £1.7 million in Loan Notes.  The acquisition, funded from existing bank facilities, is expected to be immediately earnings enhancing.  The deferred cash consideration of £1.5 million is due in July 2014.  The Loan Notes are redeemable in August 2017. In addition, a three year Long Term Incentive Plan has been put in place for the five key management shareholders.  As at 6 March 2014, the business had cash of £2.7 million.  For the year to 31 August 2014, Career Teachers is expected to record adjusted EBITDA of £3.6 million (2013: adjusted EBITDA £2.7 million) on expected revenues of £21.3 million (2013: £17.9 million).  The latest audited accounts for Career Teachers reported profit after tax of £1.3 million for the year ended 31 August 2013 and net assets of £1.7 million as at that date. 

Julia Robertson, Chief Executive Officer, commented:

"I am delighted that the management team who have been responsible for the growth and success of Career Teachers will be staying with the business and will take it on to the next stage of its growth and development within the Group.  Career Teachers is a market leader in the provision of teachers in the London and Greater London market place and is an excellent fit into our Specialist Staffing portfolio.   Whilst Career Teachers complements our existing Celsian Education business,which is a leading regional player in the provision of teachers to schools and colleges, the personality and identity of the Career Teachers brand will be retained and the two businesses will continue to be managed separately. This acquisition will strengthen the Group's position as a market leader in the education market in the United Kingdom." 

 

 

Enquiries:  For further information please contact the appropriate individual below.

Impellam Group plc

                                               

Andrew Wilson, Chairman          

Tel: 01582 692658

Julia Robertson, Chief Executive

Tel: 01582 692658

Andrew Burchall, Group Finance Director

Tel: 01582 692658

Cenkos Securities plc

(Nominated Advisor and Broker to Impellam)

 

Nicholas Wells

Camilla Hume               

Tel: 020 7397 8900

Tel: 020 7397 8900

Note to Editors:

Impellam Group plc, traded on the AIM (Symbol: IPEL) is a leading provider of managed services and specialist staffing expertise and is primarily based in the UK and North America, with smaller operations in Australasia, Ireland and mainland Europe.  Impellam Group plc provides fulfilling jobs to doctors, lawyers, accountants, nurses, teachers, scientists, receptionists, drivers, chefs, administrators, shop assistants and engineers through 14 specialist brands across a broad range of sectors.  Impellam Group plc manage them as teams or individually and help clients build better businesses in a changing world.  Impellam Group plc is the 5th largest recruitment business in the UK and, 11th in Europe and 17th worldwide and employs around 6,000 employees including 2,500 managers and consultants across 250 offices.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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