Yes, it's confirmed (and thanks to my correspondent for the early tip-off). A4e has been sold to Staffline Group for £34.5m. The story is here.
Staffline has acquired the entire issued share capital for £23.5m. That's almost £20m for Emma Harrison, who owned 85% of the shares. There are more complications, but that's basically it.
Staffline reckons A4e is a "profitable, cash generative business" and the acquisition is good for the company. Remember that all that cash is straight from the pockets of tax-payers.
A4e's staff have been told by email this morning about the deal. They now face waiting to hear about their future. Andrew Dutton and the entire group board will also be looking for work.
Interesting. If Staffline thinks A4e is a good buy (which they must do as they'd not shell out £34.5 million), then they must also have faith that the Tories will be re-elected and continue with the costly and useless WP. Or that Labour will continue to make the same mistakes as the past and replace the WP with New Deal Mk III or WP 2.0. Either way Staffline must be confident there is work available for them regardless of government.
ReplyDeleteWatching Staffline anyone? ;-)
I had to laugh at the name of the company buying A4e. Staffline? The very name sounds like that of an agency whose job it is to provide employers with staff! Will people sent on the Work Programme with Staffline be able to expect swift placement into paid employment or will it be more of the same wasting jobseekers' time by mandating them to attend jobsearches which they would be doing elsewhere anyway?!
ReplyDeleteA4e and Avanta joining to become new Company called PeoplePlus
ReplyDeleteA4eInsider (PeoplePlusInsider)
Yes, I've seen that. I'm gathering more reaction before posting.
DeleteSo under their WP arm they offer their clients temporary jobs from their Staffline arm. When clients refuse a sanction is imposed. For them a win win situation.
ReplyDelete