SINGAPORE (Aug 5): HRNetGroup is venturing into Europe via the acquisition of a 25.02% stake in UK-based Staffline for $46.1 million.
Staffline is a workforce recruitment and training organisation serving both government and commercial customers in the United Kingdom and Ireland.
With the acquisition, HRNetGroup’s 24.89% voting right in Staffline makes it an associated company.
Established in 1986, and listed on the Alternative Investment Market (AIM) of the London Stock Market in 2004, Staffline has two business divisions: Recruitment and PeoplePlus.
Recruitment, specialises in providing labour solutions in the agriculture, food processing, manufacturing, e-retail, driving and logistics sectors.
PeoplePlus is a leading adult skills and training provider in the UK, delivering apprenticeships, adult education, prison education and skills-based employability programmes across the country.
HRNetGroup says the latest acquisition is in line with the recruitment company’s aim to gain access to a larger employment market and clientele.
HRNetGroup can also tap Staffline’s technological competencies such as an AI chatbox that engages prospective employees as well as a customer experience management programme that looks into fulfilling, retaining and engaging workers.
HRNetGroup has been on an expansion spree in recent years – deepening its presence in Asia and sourcing for new contacts in Australia, New Zealand and the UK.
Adeline Sim, executive director of HRNetGroup, says the group will continue to look for new geographies and verticals, in line with its vision of expanding globally.
As at 10.40am, shares in HRNetGroup are down 1 cent at 68 cents with 65,200 units traded as at 9.51am
