LONDON: Empresaria, the global specialist staffing group, has sold its 51% stake in its Japanese subsidiary, Fines Tokyo K.K., to Fines Holdings K.K.
The sale was completed on October 18, 2024. Fines Holdings, which owned 100% of Fines Tokyo, repaid JPY 50 million (about £253,000) of a JPY 90 million (about £455,000) intercompany balance to Empresaria in cash. Empresaria then transferred its 51% interest back to Fines for no additional consideration.
Fines Tokyo operates in Japan’s fashion retail market. This sale is part of Empresaria’s strategy to exit smaller operations in markets where it does not plan to invest. The transaction’s proceeds will be reflected on the group’s balance sheet.
In 2023, Fines Tokyo contributed £1.9 million to Empresaria’s revenue, £0.6 million to net fee income, and had net assets of £0.3 million as of December 31, 2023.
The sale is considered a related-party transaction under AIM Rule 13, as Fines directors Yoshikazu Tanabe and Tomonari Harada have interests in Fines Holdings. The directors of Empresaria, independent of Tanabe, Harada, and Fines Holdings, believe the terms of the sale are fair and reasonable, as advised by Singer Capital Markets Advisory LLP.
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