Cpl pays £8.1m to acquire UK healthcare recruiter
DUBLIN-based employment services group Cpl, which has offices in Belfast and Derry, has agreed to acquire 91 per cent of RIG Healthcare Group, a specialist healthcare recruiter in the UK, for £8.1 million in cash.
The trading name of RIG Locums Ltd and RIG Medical Recruit Ltd, the RIB Group is a UK specialist healthcare recruiter with a focus on market niches within the locum doctors and allied health professions and has five offices across Britain.
Last year it generated sales of £53.5 million and made a profit of £2m.
And even after the acquisition, Cpl's cash reserves will remain in excess of €28 million (£24.4m).
The acquisition marks Cpl's entry to the locum doctor market and enhances its operating presence in Britain following the acquisition of Clinical Professionals in September 2015.
Cpl also published a trading update in which it said its business had been affected by Brexit and the election of Donald Trump as US president.
Increased uncertainty had led some companies to delay decisions, which had benefited its temporary and contractor business but had a negative impact on the number of permanent placements being listed in certain sectors.
Cpl said it expected its revenues to be in line with expectations for the year to the end of June, though its pre-tax profit would likely be lower than forecast.
The recruiter's founder and chief executive Anne Heraty said: "We are very pleased to expand our presence in the UK and welcome the highly talented professionals from RIG to Cpl.
"The recruitment expertise and international talent pool of doctors and healthcare professionals provided by RIG brings immediate strategic value to our broad portfolio of innovative workforce solutions in the healthcare sector.
"This acquisition also allows us enter into doctor recruitment which will deliver real value for our clients."