REG - Staffline Group PLC - Resignation of CEO

StafflineAnnouncement

20/02/2020 07:00

For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200220:nRST5347Da

RNS Number : 5347D  Staffline Group PLC  20 February 2020

20 February 2020

 

 

STAFFLINE GROUP PLC

("Staffline", the "Company" or the "Group")

 

Resignation of CEO

 

Staffline, the recruitment and training group, announces that on 19 February
2020, Chris Pullen, the Company's Chief Executive Officer, tendered his
resignation to the Board. Chris will continue to carry out his role as Chief
Executive Officer during his notice period in order to facilitate an orderly
succession and maintain business continuity.

 

The Board intends to initiate a formal executive search process to identify a
new Chief Executive Officer immediately and will update the market in due
course.

 

The Board's outlook for 2020 remains unchanged and in-line with market
expectations, albeit the Group continues to operate in a competitive
environment.

 

The Company remains in constructive dialogue with its lenders and the Board
expects to reach agreement with respect to revised terms that will remove the
risk of covenant issues and ensure that the Company retains sufficient
liquidity headroom. The Group's net debt position at 31 December 2019 is
expected to be £60 million, which remains subject to audit.

 

Tracy Lewis, Non-Executive Chair of Staffline, commented:

 

"I would like to thank Chris for his contribution to the business as both
Chief Executive and previously Finance Director. Chris has led the business
through very difficult circumstances and we wish him well for the future. I
look forward to announcing a new CEO in due course."

 

 

For further information, please contact:

 

 Staffline Group plc                                                via Vigo Communications

 www.stafflinegroupplc.co.uk (http://www.stafflinegroupplc.co.uk)

 Tracy Lewis, Non-Executive Chair

 Liberum NOMAD and Broker                                           020 3100 2222

 www.liberum.com (http://www.liberum.com)

 Bidhi Bhoma / Joshua Hughes

 Vigo Communications Financial PR                                   020 7390 0237

 www.vigocomms.com (http://www.vigocomms.com)                       staffline@vigocomms.com (mailto:staffline@vigocomms.com)

 Jeremy Garcia / Antonia Pollock / Charlie Neish

 

Market Abuse Regulation

This announcement is released by Staffline Group plc and contains inside
information for the purposes of the Market Abuse Regulation (EU) 596/2014
("MAR") and is disclosed in accordance with the Company's obligations under
Article 17 of MAR. The person who arranged for the release of this
announcement on behalf of Staffline Group plc was Phil Gormley, Company
Secretary.

 

About Staffline - Recruitment, Training and Support

 

Enabling the Future of Work™

Staffline is the UK's market leading Recruitment and Training group. It has
two divisions:

 

Recruitment Division

Staffline is the UK's leading provider of flexible blue-collar workers,
supplying over 60,000 staff per day to c. 1,600 private sector clients, across
a wide range of industries including agriculture, drinks, driving, food
processing, logistics and manufacturing. It operates from over c.460 locations
in UK, Republic of Ireland and Poland. Its world leading Customer Experience
platform provides optimised customer-based staffing management solutions
whilst providing market-leading levels of job satisfaction for workers.

 

PeoplePlus Division

Staffline is the leading adult skills and training provider in the UK,
delivering apprenticeships, adult education, prison education and skills-based
employability programmes across the country.

 

Skills and Training - market leading provider of Apprenticeships (both Levy
and non-Levy), learning and development, adult education and health and
well-being programmes to the Private and Public sector.

 

Justice and Community - largest independent provider of education and training
services for prisoners and ex-offenders, as well as individual support
services for carers and people with disabilities, both at home and in the work
place.

 

Employability - market leading provider of programmes providing back-to-work
education, skills support services to the unemployed and enterprise advice to
individuals wanting to start their own business.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.   END  BOAKZGMZZLMGGZZ