Personal Group PLC, a leading provider of employee services in the UK, announces the conditional acquisition of Innecto People Consulting Limited (“Innecto”), a leading UK independent pay and reward consultancy, for a cash consideration of £3 million. Furthermore, the Company announces the proposed appointment of Deborah Frost, Non-Executive Director, as Chief Executive Officer of the Group with effect from completion of the Acquisition.
A circular providing, amongst other things, details of the Acquisition is today being posted to Shareholders (the “Circular”), together with a notice of General Meeting and Form of Proxy. These documents will be made available on the Company’s website at www.personalgroup.com.
Highlights
- Deborah Frost to be appointed Chief Executive Officer of Group
- Acquisition of Innecto for a cash consideration of £3 million (subject to adjustment)
- Acquisition expected to be immediately earnings accretive
- Vendors of Innecto, Deborah Frost and Justine Woolf, to subscribe for new ordinary shares in the Company
- General Meeting to be held on 27 February 2019 to approve the Acquisition as a “substantial property transaction” for the purposes of section 190 of the Companies Act 2006
Mark Winlow, Chairman, commented:
“We are delighted to welcome Deborah as Personal Group’s new Chief Executive. Her wealth of experience in the reward and performance sector, as well as her contribution to the Board since 2015, mean she is well-placed to lead the Company through the next stage of its development. I would like to thank Mark Scanlon for his immense contribution and leadership of the Company over the last six years. We wish him all the best for the future.”
Deborah Frost, proposed Chief Executive, commented:
“I am honoured and excited at the prospect of becoming Chief Executive of Personal Group. Having served on the Board as Non-Executive Director since 2015, I have seen first-hand the business’s talented team and management, brilliant culture, and strong growth potential. I look forward to building on Mark’s achievements and continuing the Board’s strategy to establish Personal Group as a leading provider of employee insurance, benefits and reward.”
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