InterQuest Group Plc (“InterQuest” or “the Group”), today announces the acquisition of Intelect Recruitment Plc (“Intelect”) for a total initial consideration of £3.725m and the appointment of David Di Domenico, M.D of Intelect, to the Group’s operational management board.
 

The initial consideration is £3.55m in cash and £0.17m in new InterQuest shares issued at a value of 107.5 pence per share. There is a maximum further cash consideration of £0.5m payable in respect of the year to 31 March 08, together with further amounts of £0.2m and £0.2m payable in respect of the following two years thereafter, in each case provided that certain financial targets are achieved for those respective years.
 

Intelect provides niche recruitment services predominately within software engineering and manufacturing software.
 

In the year to 31 March 2007, Intelect generated turnover of £6.8m and audited profit before tax of £0.6m. Net assets at 31 March were £1.1m.
 

Application has been made to the London Stock Exchange for 164,940 new ordinary shares in InterQuest. The consideration shares will, upon issue, rank pari passu with the Company’s existing issued ordinary shares and are subject to a lock-in restriction which expires on 4th July 2008, and an orderly market provision for 12 months thereafter.
 

The Board believes that the acquisition, the Group’s second in the North, represents further development of the Company into one of the UK’s leading providers of specialist IT recruitment services.
 

Gary Ashworth said: “This strategic acquisition, combined with the entrepreneurial skills of David Di Dominico and his team, provides a complimentary niche to our core business and strengthen our presence in the specialist  IT recruitment arena.”
 

For further information please contact:

InterQuest Group Tel: 020 7025 0100

Gary Ashworth
Ross Eades
Michael Joyce

Britton Financial PR

Tim Blackstone 020 7251 2544