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Article: Penna storms ahead.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Nigel Bolitho
TIP UPDATE: Penna's recent acquisition puts it in pole position when the recruitment market turns up
Penna Consulting 's summer acquisition of rival Barkers from the administrators looks to be quite a coup. Currently, Barkers accounts for 253 out of the company's 550 staff members and was the big player in online recruitment, notably for local government. In contrast, Penna's rival business, employing only 18 staff, was a puny operation and so has been quickly merged.
Barkers was trading profitably, but went under because of its holding company liabilities. Pennon paid GBP8.6m for the business including debtors, but not ...