Acquisition of recruitment business
01.10.2007

Servoca Plc, which provides specialist outsourced solutions to police forces, local and national government and companies throughout the private sector, is pleased to announce that it has acquired, as a going concern, the business trade and assets of Firstpoint Healthcare Limited (Firstpoint).

Details on Firstpoint Firstpoint trades from three locations which are based throughout the UK. Firstpoint is being acquired out of administration and provides recruitment services in respect of specialist theatre nurses, general nursing and nursery nurses. Firstpoint has a total staff 21. In the year to 31 December 2006 Firstpoint made an unaudited loss before tax of approximately £0.5m on unaudited turnover of approximately £8.9m. Firstpoint’s main clients are the NHS, Primary Care Trusts and private care providers. At 31 December 2006 Firstpoint had unaudited net liabilities of approximately £5.2m. Servoca is only acquiring the business trade and assets of Firstpoint and thus will not be assuming any liabilities.

The Directors believe that the acquisition will be earnings enhancing and will allow Servoca to grow its service offering in the medical market.

Terms of the acquisition
Servoca will pay an initial cash consideration of £0.7m, of which £0.5m relates to the debtor book, and the remaining £0.2m is in respect of the business, trade and other assets of Firstpoint.

Commenting on the acquisition, Darren Browne Chief Executive said:
We are delighted to have completed our second acquisition since the creation of Servoca on 7 June 2007. The acquisition of Firstpoint will allow Servoca to provide wider nursing services to our existing client base. We are pleased to welcome Firstpoint to Servoca and look forward to working with their employees to help develop the Firstpoint business still further