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Network Group Holdings

  • BY: Andrew Hore |
  • POSTED: 05/05/2011 |

Recruitment company Network Group Holdings has made three acquisitions in the past month.

Accountancy and finance recruitment services provider Sheridan Maine for £318,000. The company’s management holds 24.9% of its shares.

Engineering and construction recruitment company Options Employment has been acquired for £664,000 and its management has retained a 25.1% stake in the acquisition vehicle.

Network Group has bought 75.1% of Manchester-based insurance and financial sector recruiter Network Professional Recruitment for £30,000.

In April, Network replaced Baker Tilly as auditor. Mazars took over the role. Baker Tilly said that during the course of an audit of related entities its relationship with certain directors of Network became strained. The accountant was asked by Network to resign as its auditor. A general meeting voted for its removal. 

“It is therefore clear that our relationship with the directors of the company has broken down irretrievably”, added Baker Tilly.

At 19.5p a share, Network is valued at £14.1m.

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