Recruitment agencies co-operate to support Peugeot workers
The Recruitment & Employment Confederation (REC) has pledged to support the workers at the Ryton Peugeot plant who are facing redundancy.
Representatives from the confederation's West Midlands division said they will help the 2,300 workers at the car manufacturer to find new employment opportunities and work with JobCentre Plus to assess training needs.
Production at the Coventry site will move to a single shift in July and halt completely in mid-2007.
Philip Delaloye, regional director for the REC West Midlands, said: “We will work with JobCentre Plus and others in the West Midlands area to ensure that the maximum amount of skills transfer happens.”
The REC has previously worked with JobCentre Plus after large-scale redundancies at MG Rover’s Longbridge plant and closures in other regions.
Author: Georgina Fuller
Personneltoday
Troubles mount for Wilkins medical staffing firm
By Len Boselovic, Pittsburgh Post-Gazette
World Health Alternatives continued its free fall yesterday after the Wilkins medical staffing firm's new managers discovered $22 million in company debt they weren't aware of previously.
Separately, four law firms have filed class-action lawsuits against the company, accusing it of issuing false and misleading financial statements. Two of the lawsuits charge that the company misstated the academic credentials of co-founder Richard E. McDonald, the company's former chief executive officer and top accountant.
McDonald resigned Aug. 15, and four days later, World Health disclosed it had fired auditor Daszkal Bolton and said it expected to restate financial results because of a number of discrepancies it had uncovered since McDonald left.
The accounting problems included irregular reports to the company's lenders that enabled World Health to borrow about $6.5 million more than it would have been otherwise able to borrow, and underpayment of taxes by more than $4 million.
Late Wednesday, the company disclosed one source of the discrepancies: $22 million in convertible debentures issued May 17, one day after the company filed an amended annual report for the previous year with the Securities and Exchange Commission.
World Health, which has relied on a series of stock and debt offerings to fund acquisitions and ongoing operations, received only $2 million in cash from the debt financing, as well as $14.8 million in convertible preferred stock from the unidentified lenders.
However, because of World Health's tenuous finances, the lenders are entitled to receive $22 million for the $16.8 million in cash and preferred stock they supplied to the company.
The lenders also were given warrants to purchase 4.2 million World Health shares.
The agreement with the unidentified lenders required World Health to file a registration statement within 45 days that would have allowed the lenders to sell stock they obtained by converting the debt and exercising the warrants. The registration statement would have alerted the company's other debtors and stockholders to the lenders' claims against the company.
But World Health said it had not filed all the registration statements it had been required to file and that it might have to pay damages under the terms of its creditor agreements. It also may face damages for halting stock sales that were registered, the company said.
World Health said the accounting irregularities would force it to restate 2004 and 2005 results. The company had reported a 2004 loss of $13.4 million, or 67 cents per share, and a fiscal first-quarter loss of $244,000, or 1 cent per share. It has not yet reported second-quarter results.
The company said it had obtained a $4 million loan from Palisades Master Fund, of Plantation, Fla., on Aug. 18 to fund operations while it attempts to work out its troubles.
World Health shares closed yesterday at 29.5 cents, down 12.5 cents or 30 percent. They hit a 52-week high of $3.75 on Aug. 3, but fell precipitously following McDonald's resignation and the disclosure of accounting problems.
Interim President John Sercu could not be reached for comment.
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Troubles mount for Wilkins medical staffing firm
World Health Alternatives continued its free fall yesterday after the Wilkins medical staffing firm's new managers discovered $22 million in company debt they weren't aware of previously.
Separately, four law firms have filed class-action lawsuits against the company, accusing it of issuing false and misleading financial statements. Two of the lawsuits charge that the company misstated the academic credentials of co-founder Richard E. McDonald, the company's former chief executive officer and top accountant.
McDonald resigned Aug. 15, and four days later, World Health disclosed it had fired auditor Daszkal Bolton and said it expected to restate financial results because of a number of discrepancies it had uncovered since McDonald left.
The accounting problems included irregular reports to the company's lenders that enabled World Health to borrow about $6.5 million more than it would have been otherwise able to borrow, and underpayment of taxes by more than $4 million.
Late Wednesday, the company disclosed one source of the discrepancies: $22 million in convertible debentures issued May 17, one day after the company filed an amended annual report for the previous year with the Securities and Exchange Commission.
World Health, which has relied on a series of stock and debt offerings to fund acquisitions and ongoing operations, received only $2 million in cash from the debt financing, as well as $14.8 million in convertible preferred stock from the unidentified lenders.
However, because of World Health's tenuous finances, the lenders are entitled to receive $22 million for the $16.8 million in cash and preferred stock they supplied to the company.
The lenders also were given warrants to purchase 4.2 million World Health shares.
The agreement with the unidentified lenders required World Health to file a registration statement within 45 days that would have allowed the lenders to sell stock they obtained by converting the debt and exercising the warrants. The registration statement would have alerted the company's other debtors and stockholders to the lenders' claims against the company.
But World Health said it had not filed all the registration statements it had been required to file and that it might have to pay damages under the terms of its creditor agreements. It also may face damages for halting stock sales that were registered, the company said.
World Health said the accounting irregularities would force it to restate 2004 and 2005 results. The company had reported a 2004 loss of $13.4 million, or 67 cents per share, and a fiscal first-quarter loss of $244,000, or 1 cent per share. It has not yet reported second-quarter results.
The company said it had obtained a $4 million loan from Palisades Master Fund, of Plantation, Fla., on Aug. 18 to fund operations while it attempts to work out its troubles.
World Health shares closed yesterday at 29.5 cents, down 12.5 cents or 30 percent. They hit a 52-week high of $3.75 on Aug. 3, but fell precipitously following McDonald's resignation and the disclosure of accounting problems.
Interim President John Sercu could not be reached for comment.
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Troubles mount for Wilkins medical staffing firm
Bridge Opportunity Finance Provides $9.2 Million Facility to Mercer Staffing, Inc. for Acquisition
CHICAGO--(BUSINESS WIRE)--Aug. 24, 2005--Bridge Opportunity Finance, a division of Bridge Healthcare Finance, today announced the completion of a $6.2 million revolver and $3 million term loan under an existing acquisition line to Mercer Staffing, Inc., a staffing company headquartered in Doylestown, Pennsylvania.
The funding was used to acquire Quantum Resources, Inc., a staffing company with nine branches in the Southeast United States and Michigan.
Mercer Staffing is one of the fastest growing staffing companies in the Mid-Atlantic region serving the transportation, clerical, mental health, social work, light industrial and hospitality industries.
The staffing industry is highly fragmented with many under-capitalized national, regional and local providers which Mercer plans to leverage through its acquisition strategy. Mercer successfully closed and integrated two acquisitions in 2004. Quantum is the first acquisition in 2005 under Mercer's acquisition plan.
"The acquisition of Quantum Resources, Inc. will increase Mercer's market share and domestic presence. Bridge helped us refinance our existing secured lenders in February of 2005. We knew they understood our aggressive acquisition strategy and provided us the capital we needed to take advantage of the Quantum opportunity," said Michael Traina, Chief Executive Officer.
"The Mercer closing underscores our expertise in helping customers fund acquisitions," says Randy Abrahams, President and CEO of Bridge Healthcare Finance. "Our responsiveness and industry expertise allowed Mercer to capture the Quantum opportunity within 18 days from introduction."
About Bridge Healthcare Finance
Bridge Healthcare Finance offers a combination of comprehensive loan products, decades of financial expertise and an unparalleled service approach unique to the healthcare lending industry. Through accounts receivable, cash flow and real estate based term loan lending products, Bridge is able to address the differing capital needs of the healthcare industry. Bridge is based in Chicago, Illinois with offices in Hartford, Connecticut and Irvine, California.
Read more >>>
Bridge Opportunity Finance Provides $9.2 Million Facility to Mercer Staffing, Inc. for Acquisition
The funding was used to acquire Quantum Resources, Inc., a staffing company with nine branches in the Southeast United States and Michigan.
Mercer Staffing is one of the fastest growing staffing companies in the Mid-Atlantic region serving the transportation, clerical, mental health, social work, light industrial and hospitality industries.
The staffing industry is highly fragmented with many under-capitalized national, regional and local providers which Mercer plans to leverage through its acquisition strategy. Mercer successfully closed and integrated two acquisitions in 2004. Quantum is the first acquisition in 2005 under Mercer's acquisition plan.
"The acquisition of Quantum Resources, Inc. will increase Mercer's market share and domestic presence. Bridge helped us refinance our existing secured lenders in February of 2005. We knew they understood our aggressive acquisition strategy and provided us the capital we needed to take advantage of the Quantum opportunity," said Michael Traina, Chief Executive Officer.
"The Mercer closing underscores our expertise in helping customers fund acquisitions," says Randy Abrahams, President and CEO of Bridge Healthcare Finance. "Our responsiveness and industry expertise allowed Mercer to capture the Quantum opportunity within 18 days from introduction."
About Bridge Healthcare Finance
Bridge Healthcare Finance offers a combination of comprehensive loan products, decades of financial expertise and an unparalleled service approach unique to the healthcare lending industry. Through accounts receivable, cash flow and real estate based term loan lending products, Bridge is able to address the differing capital needs of the healthcare industry. Bridge is based in Chicago, Illinois with offices in Hartford, Connecticut and Irvine, California.
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Bridge Opportunity Finance Provides $9.2 Million Facility to Mercer Staffing, Inc. for Acquisition
Medical Staffing Company Investigates Its Own Financial Statements
Three days after the unexpected resignation of its president and chief executive officer, medical staffing company World Health Alternatives Inc. began an investigation into its financial statements, among other things.
The company, which has offices in Nashua, is investigating issues that include, but may not be limited to, discrepancies in the amount of the company's outstanding shares, financial statements associated with the company's preferred stock, the underpayment of more than $4 million in tax liabilities and irregular reports to the company's lenders that resulted in excess of $6.5 million.
The company is also looking into other issues concerning possible breaches of existing financing documents.
World Health Alternatives' former CEO, Richard McDonald, stepped down Aug. 16 citing family and medical reasons.
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RedNova News - Health - Medical Staffing Company Investigates Its Own Financial Statements
The company, which has offices in Nashua, is investigating issues that include, but may not be limited to, discrepancies in the amount of the company's outstanding shares, financial statements associated with the company's preferred stock, the underpayment of more than $4 million in tax liabilities and irregular reports to the company's lenders that resulted in excess of $6.5 million.
The company is also looking into other issues concerning possible breaches of existing financing documents.
World Health Alternatives' former CEO, Richard McDonald, stepped down Aug. 16 citing family and medical reasons.
Read more >>>
RedNova News - Health - Medical Staffing Company Investigates Its Own Financial Statements
Top Scientific Staffing Company Opens Office In S'pore
By Jackson Sawatan
SINGAPORE, Aug 25 (Bernama) -- Kelly Scientific Resources (KSR), the world's largest dedicated scientific staffing company, has opened an office here, its first in Asia, and plans to open in other locations, including Malaysia, depending on demand.
The Singapore office joined forces with more than 30 international branches in Italy, Spain, France, Denmark, the Netherlands, Germany, Belgium, Switzerland, Britain, Ireland, Sweden, Australia, Canada, and Puerto Rico to service the scientific industry throughout the world.
Read more >>>
Top Scientific Staffing Company Opens Office In S'pore :: Bernama.com
SINGAPORE, Aug 25 (Bernama) -- Kelly Scientific Resources (KSR), the world's largest dedicated scientific staffing company, has opened an office here, its first in Asia, and plans to open in other locations, including Malaysia, depending on demand.
The Singapore office joined forces with more than 30 international branches in Italy, Spain, France, Denmark, the Netherlands, Germany, Belgium, Switzerland, Britain, Ireland, Sweden, Australia, Canada, and Puerto Rico to service the scientific industry throughout the world.
Read more >>>
Top Scientific Staffing Company Opens Office In S'pore :: Bernama.com
Westaff Reports Fiscal 2005 Third Quarter Results
WALNUT CREEK, Calif.--(BUSINESS WIRE)--Aug. 23, 2005--Westaff, Inc. (Nasdaq:WSTF - News), a leading provider of staffing services, today reported financial results for its third fiscal quarter, which ended July 9, 2005.
Revenue for the third quarter of fiscal 2005 was $141.1 million, up $1.7 million or 1.2% from the third quarter of fiscal 2004. Domestic revenue decreased 3.6% due partially to a focused shift in business mix in an effort to increase gross margins as well as the effects of the November divestiture of one of the Company's franchises. The slight decline in domestic revenue was more than offset by a 20.9% increase in international revenue, driven by Westaff's Australia operations which reported bill hour increases of 31.5% for the 2005 quarter.
Gross margin for the 2005 quarter increased for the third consecutive quarter to 17.5% as compared to 17.2% for the 2004 quarter. Domestic gross margin increased significantly from 16.1% in the 2004 quarter to 17.2% in 2005 due largely to bill rate increases, changes in business mix and increased permanent placement fees, which grew nearly 73% for the 2005 quarter as compared to 2004.
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Westaff Reports Fiscal 2005 Third Quarter Results
Revenue for the third quarter of fiscal 2005 was $141.1 million, up $1.7 million or 1.2% from the third quarter of fiscal 2004. Domestic revenue decreased 3.6% due partially to a focused shift in business mix in an effort to increase gross margins as well as the effects of the November divestiture of one of the Company's franchises. The slight decline in domestic revenue was more than offset by a 20.9% increase in international revenue, driven by Westaff's Australia operations which reported bill hour increases of 31.5% for the 2005 quarter.
Gross margin for the 2005 quarter increased for the third consecutive quarter to 17.5% as compared to 17.2% for the 2004 quarter. Domestic gross margin increased significantly from 16.1% in the 2004 quarter to 17.2% in 2005 due largely to bill rate increases, changes in business mix and increased permanent placement fees, which grew nearly 73% for the 2005 quarter as compared to 2004.
Read full-text >>>
Westaff Reports Fiscal 2005 Third Quarter Results
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