Savile Group plc Acquires CMC
Savile is pleased to announce that it has acquired the whole of the issued share capital of Career Management Consultants Limited ("CMC"). Founded in 1990, CMC is a leading career management consultancy providing continuity through business and career change and have worked with some of the country's biggest employers through their network across the UK.
For the year ending 30 April 2011, CMC had turnover of £5.3m and made a profit before taxation of £170,822. At 30 April 2011, shareholders funds were £719,047. However, since 1 May 2011, CMC's trading performance has deteriorated significantly. Audited accounts for the year ended 30 April 2012 are not yet available but management accounts show sales of approximately £3.3m and a loss before interest, tax and depreciation of approximately £450k, subject to audit and any further adjustments. During the past six months the CMC has greatly reduced its overhead base.
The consideration for the acquisition has been satisfied by the payment of £75,000 in cash and, in addition, Savile has agreed to pay £10,000 of CMC's legal costs. The agreement includes limited warranties as to ownership of their shares from the vendors.
The acquisition of CMC reinforces the Savile Group's position as one of the major providers of Career Transition services, enhances the Group's regional presence and adds diversity to its client base.
Penny de Valk, CEO of Fairplace Cedar commented: 'I am delighted that CMC is joining the Group. It is a company with a strong reputation in our industry and I am looking forward to working with their managing director Isabel Chadwick and the rest of her team to help the Group build on their historical strength in Career Transition'.