25 May 2012

Healthcare Locums offloads Homecare arm

27/06/2011 Miles Nolan

Debt laden staffing firm Healthcare Locums (HLO) has announced the sale of its non-core homecare division for £22.2 million.

The disposal follows a decision by the board that the business would require further investment to maximise its value, moreover it allows HLO to focus on its core UK and Australia recruitment operations. Last December Healthcare Australia Holdings was acquired for £77.8 million - principally with debt.

HLO argues the Homecare arm, which provides nursing in the home and support services, accounted for approximately 20 per cent of sales of the business it acquired. Last year it achieved revenues of £28.1 million and EBITDA, before extraordinary items, of £2.5 million. HLO expects the deal to complete next month, with the proceeds due immediately thereafter.

Chairman Peter Sullivan argues the disposal 'is another step towards stabilising the business as it enables the company to reduce its indebtedness to its senior lenders'. Shares in HLO were frozen back in January when it was valued at £127.5 million, the group also warned its results would be 'materially below' expectations. These figures are still eagerly awaited.

Tags: Australia business, Disposal, Kate Bleasdale, Peter Sullivan

Sector: Support Services

Companies: Healthcare Locums

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