A subsidiary of Network Group Holdings, run by high-profile businessman Tim Watts, has acquired a recruitment business specialising in procurement staff in a deal worth up to £80,000.
Network Recruitment Partnership bought Procurement People Recruitment (PPR), which had a turnover of £1.1 million in 2010 and a gross profit of £221,000.
The new owner has injected £119,226 towards the working capital requirements of PPR.
The firm will now be located at Network House in Birmingham, where many of AIM-listed Network Group Holdings’ other businesses are located. PPR also has offices in Warwick and London.
Network Group Holdings (NGH) chief executive Tim Watts said: “This is yet another targeted acquisition, operating in a market that complements the existing NGH operations and has a presence in a sector that NGH has identified as offering exciting opportunities.”
Earlier this month Network Group Holdings, which operates 24 specialist recruitment and outsourcing subsidiaries, posted an increase in pretax profits to hit £1.9 million, up by £1.1 million on the previous year.
The group demerged from Pertemps Group in January 2004.