Network Group Holdings Plc acquires R. & L. Executive Network

Network Group today announces its latest acquisition.

Network Group is acquiring a majority stake in Lincoln based recruitment company, Executive Network, for an undisclosed consideration. Executive Network has over 9 years recruitment experience working with some of the UKís largest FMCG companies in food, drink, luxury, sports and fashion sectors. The company had turnover of 620,000 in the year to June 2007. The business was established in 1999 by Russell Moore and has grown to a team of 9 people. The business will bolster the professional specialist recruitment division of Network Group as an addition to the existing 7 companies in that division.

Network Group floated on the AIM market in September 2007 and has developed by investing in start-up recruitment businesses and other selected acquisitions. Network Group currently has a portfolio of over 20 trading subsidiaries in the UK.

Russell Moore, Managing Director of Executive Network, said: ìThis is an exciting time for our company to merge with the Network Group. The acquisition will take the business to a new level. Being part of an ambitious, publicly quoted group will provide numerous opportunities to benefit our clients, candidates and staff. This can only bring positive benefits to the business as we look to further expand in the future.î

Jon Smith, chief executive of Network Group, commented: ìWe said when we floated Network Group that we wished to continue the expansion of the group by way of acquisition and this is evidence of that intent. Executive Network will add additional variety to our offering and we look forward to making further additions which meet our criteria for success.î