Previously Announced Acquisition of The JM Group and Staffing 360's Existing UK Operations Join Forces Under One Roof
NEW YORK, NY--(Marketwired - April 14, 2016) - Staffing 360 Solutions, Inc. (NASDAQ: STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations in the US and UK, today announced that the Company's UK divisions have combined corporate offices in the city of London to accommodate the growing number of employees, as well as realize additional operational and cost saving synergies.
The move to a larger office space in London was completed as part of Staffing 360's Intelligent Integration approach for the Company's previously announced acquisition of The JM Group, one of the UK's leading recruitment firms for over the past 3 decades, and Longbridge, which represents the Company's existing international multi-sector recruitment division in the UK. Both brands will remain separate and distinct going forward, however, the combined layout will not only reduce redundancy, but is expected to result in over $30,000 in rent savings per month.
"This office combination in London is a very exciting development," stated Matt Briand, President and CEO of Staffing 360 Solutions. "Considering both offices were only a 5 minute walk away from each other, having all of our UK operations in one office has resulted in a much more efficient and unified environment. Not only will this reduce the cost of maintaining office space for approximately 50 staff members, the new office layout also allows us to bring new talent to our team through further expansion of available space at the existing location."
Staffing 360 Solutions' existing Longbridge operations were part of the Company's acquisition of Initio International Holdings Limited on January 3, 2014. Longbridge was established in 1989 in London, and is an international multi-sector recruitment company, with a long history of success catering to the sales & marketing, technology, legal and IT solutions sectors.
Likewise The JM Group acquisition provides IT workforce solutions to a diverse set of clients across the financial services, professional services and corporate sectors in the United Kingdom. Founded in 1981, The JM Group has been one of the UK's leading recruitment firms for over 3 decades and now boasts a run-rate of approximately $25 million in annualized revenue.
"Having completed the move at the beginning of the month, we couldn't be more pleased with the results thus far," stated Adam Drew, Finance & Operations Director of both Longbridge and The JM Group. "Joining forces under one roof has created a more dynamic office environment for us all, the enthusiasm from the sales staff has been contagious, and everyone is now part of a much larger, more modern and more bustling sales environment. We look forward to benefiting from the enhanced communication and team building synergies as we keep our laser focus on driving growth in 2016 and beyond."
Staffing 360 Solutions believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, with a longer term objective of driving annual revenues to $300 million.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) is a public company in the staffing sector engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations in the US and UK. The Company believes the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT staffing space. For more information, please visit: www.staffing360solutions.com.
Certain matters discussed within this press release are forward-looking statements including, but not limited to the timing and ability to enter into any additional acquisitions, as well as the size of future revenue. Although Staffing 360 Solutions, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Specifically, in order for the Company to achieve annualized revenues of $300 million, the Company will need to successfully raise sufficient capital, to consummate additional target acquisitions, successfully integrate any newly acquired companies, organically grow its business, successfully defend current and any potential future litigation, as well as various additional contingencies, many of which are unknown at this time and generally out of the Company's control. The Company can give no assurance that it will be able to achieve these objectives. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Staffing 360 Solutions' reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.