Work Group reveals progress on potential acquisition
Work Group continues to make progress on a potential acquisition, the recruitment services organisation has revealed.
Final results for the year-end 31 December 2016, released this week, reveal revenue of £80k due to the sale of group operations at the close of 2015.
The proposed acquisition by Work Group of another group of companies in the business services sector would constitute a ‘reverse takeover’ under AIM rules, with the group’s board previously concluding that the company’s trading activities could only survive as part of a larger organisation.
The Work Group announced in December that it had entered into an agreement for the potential acquisition and in March announced that the acquisition was still underway.
In this week’s update the group revealed that negotiations and due diligence have been in progress since August and a definitive contract can be expected to be signed shortly.
• Want to comment on this story? Email us at [email protected] or tweet us below to tell us your thoughts. We will run comments online in a round-up at the end of the week.
