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Staffing 360 announces acquisition in London; names new COO

July 09, 2018

Staffing 360 Solutions Inc. (NASD: STAF), a staffing provider operating in the US and UK, entered the resource process outsourcing market with the acquisition of Clement May Limited.

Clement May, an IT recruitment services provider, is based in London with additional offices in Malaysia and South Africa. For the 12 months ended June 2018, Clement May generated revenue of approximately $50 million.

In a filing with the US Securities and Exchange Commission, Staffing 360 reported that it agreed on June 28 to acquire all the shares held by Clement May’s majority holder for an aggregate cash payment of £1,550,000 (US$2.0 million) and 15,000 shares of Staffing 360’s common stock. The deal also includes an earn-out payment of up to £500,000 (US$658,750), and deferred consideration of £350,000 (US$461,125), to be paid in late 2018 or late 2019. Staffing 360 also assumed certain outstanding debt.

“While our operations in the US have the ability to deliver on volume projects, we were limited in the UK in this regard,” said Staffing 360 Chairman and CEO Brendan Flood. “This acquisition allows us to deliver additional quality and service to our client base, strengthens our position in the IT staffing market and allows for more international cross-selling within the group.”

Chris Rowbotham, managing director of Clement May, has been appointed to the combined role of managing director of Clement May and Longbridge Recruitment 360, a Staffing 360 subsidiary targeting finance and accounting, and legal recruitment.

New COO

Staffing 360 also appointed Alicia Barker as its COO effective July 1, according the SEC filing. Barker will continue as a member of the company’s board but will no longer be a member of any committee, nor an independent member of the board, bringing the number of independent directors to three of five board members.

Barker since 2016 has been principal of Act II Consulting, which provides human resources consulting and professional coaching services. She previously was senior VP, human resources at Barker advertising agency and on the executive team at Hudson North America as VP, human resources. Barker’s prior roles also include VP, human resources, at advertising and marketing agency Grey Group, and human resources director at Icon/Nicholson, a provider of prepackaged computer software.

Barker will receive an annual salary of $250,000 and a restricted stock grant of 40,000 shares of common stock. Her annual bonus target will be 50% of annual base salary.

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