Talent International, a wholly-owned subsidiary of Swipejobs Holdings, has paid £12m cash, which includes £2m of deferred consideration, according to a company statement from Staffline.

The consideration is on a cash-free, debt-free basis and subject to a deduction of £5.1m of advanced payments received in respect of future revenue, Staffline said. The net proceeds of the sale (including the deferred consideration) are expected to be £6.9m, the statement went on to say. 

“The £2m of deferred consideration is contingent on the commencement of potential new contracts expected to take place within the next 12 months,” the statement said.

Staffline said its board intends to use the cash proceeds from the sale for a combination of share buy-backs and increasing funding capacity for the group’s organic growth strategy.

The disposal creates a pure-play recruitment platform with reach across the UK and Ireland.

PeoplePlus is a workplace training and employability business that works with employers to develop inclusive workforces and with central, local and devolved governments to support their economic and social policy ambitions. 

For FY2024, PeoplePlus contributed around £65m of revenues – unaudited and provisional figures – to the group and generated profit before tax of roughly £1.3m with gross assets of c.£16m, excluding an intercompany debtor balance of £23.4m at 31 December 2024.

Staffline CEO Albert Ellis said: “PeoplePlus has played an important part in developing Staffline’s service offering over a number of years but with our strategic ambitions centred on our fast-growing recruitment activities as opposed to training and education, now feels like the opportune moment to implement this change.

“I would like to thank all the staff at PeoplePlus and wish them a prosperous future under their new owners. 

“Moving forward, we can have greater focus and cash resource for our… recruitment activities, which delivered outstanding results across 2024. We see significant opportunities for organic growth in our remaining recruitment divisions and will accelerate value creation for Staffline shareholders going forward.”

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