Disposal of EducationDivision
May 18 2005 - 10:07AM
UK Regulatory
RNS Number:4651M
Reed Health Group PLC
18 May 2005
18 May 2005
Reed Health Group plc
("Reed Health" or "the Group")
Disposal of Education Division
Reed Health Group plc, a provider of staffing services in the Health, Social
Care and Education sectors, reports that following the strategic review of its
Education business announced at the time of the Group's interim results on 22
March 2005, the assets of Teachers UK, its education business, have been sold to
Ocean Education for a cash consideration of #40,732. Relevant staff have also
transferred to Ocean Education. In the year to 30 June 2004, turnover for the
Teachers UK division was #2.6 million and in the ten months to 30 April 2005 the
division recorded a contribution loss of #73,000 on turnover of #1,19 million.
On confirming the sale Trevor Goul-Wheeker, Chief Executive of Reed Health, said
"This decision will enable the Group to focus on its core markets of Health and
Social Care. We believe that the prospects within these markets are significant
and the disposal of the education business in the UK will allow Reed Health to
concentrate on building on the opportunities available. I would also like to
thank all the staff of Teachers UK for their commitment during a difficult
period and wish them well in the future".
The Group has confirmed that it will continue to source and supply high-quality
teaching professionals from its International subsidiaries in Australia and
Canada, and generate commissions by placing candidates within the Education
sector via Ocean Education and other employment agencies.
Reed Health also announces that it has successfully completed the integration of
its Reed Health and Reed Doctor divisions on schedule. This move will strengthen
Reed Health's capability in meeting the growing demand from the NHS for large
scale multi-disciplined staffing services, and achieved significant cost
efficiencies.
- Ends -
For further information, please contact:
Reed Health Group plc 020 7845 4702
Trevor Goul-Wheeker, Chief Executive
Weber Shandwick Square Mile 020 7067 0700
Louise Robson or Yvonne Alexander
Notes to Editors
Ocean Education Ltd is an acquisition vehicle owned by Laurie Percival,
ex Public Recruitment Group and Geoffrey Shopland, ex Corinth Healthcare.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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