Hays Sells Operations in Six European Countries, Reviews Seven More Markets

Recruitment firm Hays has sold its operations in the Czech Republic, Denmark, Hungary, Luxembourg, Romania and Sweden to Meraki Capital. The company said the transaction will produce a modest non-cash loss in the second half of its financial year. Hays is now examining options for its businesses in Belgium, Brazil, Greater China, Malaysia, the Netherlands, Singapore and the United Arab Emirates.

Hays previously exited four other countries as part of an effort to concentrate resources on markets where it can build leading positions. The FTSE 250-listed firm stated that reshaping its country portfolio remains a strategic priority.

Mark Dearnley, appointed chief executive last month after serving as interim leader since February, said the board views Meraki Capital as a strong long-term owner. His predecessor, Dirk Hahn, stepped down earlier this year. Hays reduced its worldwide staff by 14 percent in consultancy roles and 7 percent in non-consultancy positions in the year to March, citing slower hiring by employers.