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June 26, 2000updated 25 May 2022 9:58am

Hays Completes Acquisition Of UK IT Recruitment Business

COMPANY PRESS RELEASE: On 6 June 2000 Hays plc announced signature of an agreement to acquire a specialist IT recruitment agency, QA Myriad Limited ('Myriad') from Skillsgroup plc for a total cash consideration of £31.2 million, subject to adjustment at completion.

By CBR Staff Writer

Following approval by the shareholders of Skillsgroup plc at their Extraordinary General Meeting held today, Hays plc announces that the acquisition has been completed.

Myriad provides contract IT recruitment throughout the UK, supported by a range of permanent recruitment services. Its blue-chip customer base comprises mainly finance, IT and telecommunications organisations, with the majority of these operating under longstanding preferred supplier agreements. Both the management and culture of Myriad complement the existing activities of Hays IT in these sectors, enabling the enlarged business to benefit from its strong position as a leader in this high growth, specialist market.

In the year to 30 November 1999, Myriad had turnover of £65.6 million and generated an operating profit of £3.3 million. Myriad’s net assets at 30 November 1999 were £5.4 million.

Ronnie Frost, Chairman of Hays plc, commented:

We are delighted that Hays’ offer for Myriad has been accepted by the shareholders of Skillsgroup plc. This acquisition consolidates the position of Hays IT as one of the leading providers of IT contract staff in Europe.

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