News blog
Greatfleet
- BY: Andrew Hore |
- POSTED: 12/09/2007 |
Recruitment company Greatfleet is acquiring Qualitas for an initial £3.4m.
Qualitas is a professional services recruitment group based in Dublin & Edinburgh. This will help Greatfleet expand geographically. It intends to launch legal and financial recruitment operations in the Qualitas offices.
Greatfleet is paying £600,000 in cash and 17.5m shares at a notional price of 16p for Qualitas. The shares are currently trading at 15.5p. Qualitas made a profit of £320,000 on turnover of £1.4m in the six months to June 2007. There is up to £1m extra payable. It is dependent on the two owners still being employees at the end of next year and Greatfleet achieving its budgeted figures in 2008.
Greatfleet is borrowing £650,000 from former shareholder General Capital at the rate of 1.5% a month. The loan is repayable over 36 months and there is a 5% arrangement fee and a 5% exit fee when the loan is paid off. Genral Capital made a gain of £1m when it sold its Greatfleet stake.
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