Hat Pin has sold part of its financial recruitment business to fellow Aim-quoted recruitment company Hexagon Human Capital.
Hexagon is paying £2 for the London and Dubai businesses of Akamai Financial Markets. Hat Pin retains the Asian operations. It acquired the whole business in September 2006 from Alexander Mann for up to £7m - £3.8m was paid up front – and is writing off £4.5m on the disposal.
The businesses that are being sold lost a total of £374,000 on revenues of just over £4.3m in 2007. Hexagon’s boss Jonathan Wright help set up Akamai when he was working at Alexander Mann so he should have an understanding of their operations.
Hat Pin has been beset with problems over the past year. It has issued profit warnings and revealed accounting errors. Considering that it is no surprise that its chief executive and finance director are leaving.
It sold its original business, Kendall Tarrant, in January for an initial £1.5m – an additional £1m could be payable depending on performance.
Hat Pin shares were suspended on 8 February at 34.25p, valuing the company at £10.66m. The original purchase of Akamai was financed by a £5.5m placing at 72p a share. Hat Pin joined Aim on 17 July 1996 at the equivalent of 34p.
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