News blog
Work Group
- BY: Andrew Hore |
- POSTED: 16/12/2015 |
Work Group is selling its operating businesses to Capita for £2m and becoming a shell.
Although overseas businesses have helped to offset the poor performance of the recruitment and talent management businesses. Once shareholders agree to the disposal, there will be £1.5m payable on completion and £500,000 when accounts are completed – subject to working capital adjustments. Work will retain some liabilities.
The shell will seek an acquisition in the support and business services sectors. At the moment, Work still has 12 months to invest its funds before suspension of trading in the shares but there are plans to change this to six months for future investing companies.
Rose Colledge will resign from the board. Simon Howard, who has been in the recruitment sector for three decades, and Keith Cameron, who has experience in retail and human resources, will remain as directors.
Following the publication of interim results trading in the shares recommenced and the price fell from 5.25p to 2.75p, which values the company at £787,000.
Net group liabilities were £406,000 at the end of June 2015. The businesses being sold had net liabilities of £471,000 at the end of October 2015, an improvement on net liabilities of £1.15m at the end of June 2015.
It is unclear how much of a discount the company’s valuation is to the post-disposal net assets.
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