Staffline buys Ireland-based Oak Recruitment

AIM-listed Staffline has announced the acquisition of Ireland-based Oak Recruitment, which specialises in industrial recruitment on a temporary and contract basis, for an undisclosed sum.

Established in 2006, with premises in Cork, Dublin and Limerick, Oak Recruitment has been supplying staff to the industrial supply chain for 11 years and brings with it specialist recruiters with in-depth knowledge and experience.

The deal is expected to support Staffline Ireland's aim to build and develop the most reliable and integrated workforce across the island.

Shane Hanrahan, the current MD and owner of Oak Recruitment, will remain with Staffline after completion of the acquisition. He will be responsible for the delivery of the existing Staffline business in the Republic as well as integrating Oak into Staffline.

The acquisition, which is being funded from Staffline's existing bank facilities, is expected to be earnings neutral in the current year and earnings-enhancing thereafter.

Chief executive Andy Hogarth said: "We are thrilled to announce this strategic acquisition in Ireland, following on from the acquisition of Diamond Recruitment in Northern Ireland announced in 2015.

"As well as bringing an extensive network of connections and resources, Shane Hanrahan, the owner of Oak Recruitment heading our business in the Republic, will further enhance our position as a leading creator of jobs and new ideas in the recruitment and employment sectors in Ireland."

At 1053 GMT, Staffline shares were up 0.4% to 1,155p.