FTSE-listed Hays moved one step closer to its goal of being a recruitment specialist by selling its logistics division to US firm Platinum Equity for £102.4m today.

The logistics business employs 16,000 staff in 140 locations across 11 countries and last year generated a turnover of £854m.

It generated profits of £32.8m before goodwill amortisation and exceptional items of £32.8m.

Hays also expects to raise a further £100m through the sale of properties used by the logistics division.

Platinum Equity is an acquisition firm based in Los Angeles and is owned by private financier Tom Gores.

It has made 39 privately-funded acquisitions since 1995 and was recognised by Forbes magazine as the 34th largest private company in the US.