Topjobs.co.uk sold to Smugone.com

Smugone.com has secured a deal to purchase the assets of Top Jobs Plc. Last week Top Jobs were facing liquidation after the directors opted to put the company into voluntary liquidation. Receivers were in the process of being appointed and a number of potential buyers signalled their interest in purchasing the respected site.

Smugone group have purchased Top Jobs on the Net Ltd, and parent company Top Jobs Plc. Assets, databases, software and the goodwill of the company in the UK and worldwide were included in the deal, with the exception of Top Jobs sites in Switzerland and Germany. Scout24, the previous owners, has retained the sites in their home markets of Switzerland and Germany. As well as the UK, Top Jobs has operations in Ireland, Europe and Thailand. The deal was finalised late on Friday 4th October in the afternoon, for an undisclosed sum. Smugone are apparently keen to secure the services of the staff who are highly rated in the industry.

Smugone launched four months ago, with a marketing campaign including sponsorship of the BAR Formula 1 racing team and a deal with Radio 1. Charlie Gibson MD of Smugone said when asked why they had brought the company: Top Jobs has all the software and process in place focusing at the top end of the executive recruitment market. Smugone targets the lower to middle salary ranges and it makes sense to put the process and service into the lower end of the market. It''s our intention at this time for the two brands to co exist.

Charlie Gibson went on to say: Top Jobs has got a good corporate client base, good software and great staff, but has been held back over the past months and we are looking forward to taking it forward to the next stage.

Why was Top Jobs in liquidation? Like many businesses, Top Jobs has been hit by the downturn in recruiting, but its real problems lay on the balance sheet . After delisting from the American stock market Nasdac in 2000 its progress has been impeded by a mountain of debt. Apparently, there was keen interest in purchasing the site. Grant Thornton, who were acting on behalf of Top Jobs chose Smugone because of its strong financial position.

www.topjobs.co.uk