Hays has acquired St George’s Harvey Nash Ltd, which provides executive search and selection services in China and Hong Kong.

The business operates from three offices in China, in Shanghai, Shenzhen and Guangzhou. It has a joint venture agreement with a local Chinese partner in which Hays has a majority shareholding. The wholly owned Hong Kong office operates from a single office.

Hays chief executive Denis Waxman said he had identified China as an attractive growth market.

The consideration is £2.3m. including assumed debt and cash. A further £5.2m will become payable on achievements of targets over the next four years.

UK firm Harvey Nash had a 10% stake in the company. Its chief executive Albert Ellis said it was focusing on core opportunities in Asia, notably in Vietnam where it performs offshoring functions for European and US clients.