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:
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.
