Public Recruitment Group plc (PRG), the public sector recruitment and services group, has sold its locum doctor division to Healthcare Locums plc (HCL) for £5.5 million.
The London and Manchester offices of Clearwater advised PRG on the sale of JCJ Locums and introduced it to the purchaser. Under the terms of the agreement, HCL will also assume JCJ Locums’ £2.5 million invoice discounting facility. The sale will allow PRG to focus on its education and social work businesses, reduce group debt and enhance its working capital. The company plans to converge its two remaining business streams in response to changes taking place in the ‘child services’ sector.
HCL is one of the UK’s largest and fastest growing specialist healthcare recruitment companies with divisions covering doctors, allied health professionals and social work specialists. This latest acquisition is the sixth the company has made within the past seven months, the largest being the purchase of the social work agency Blue Group International Holdings for £14 million in November last year. In the year to December 2006, JCJ Locums had a turnover of £26.7 million, up from £23.8 million the previous year, and made a profit before tax of £0.5 million, compared with a loss of £0.2 million in 2005.