Recruiter Hays has sold operations across six European countries and plans to review businesses across another seven markets globally as it overhauls the business in the face of a difficult jobs market.
The firm – which last month appointed Mark Dearnley as chief executive on a permanent basis – said it had completed the sale of businesses in the Czech Republic, Denmark, Hungary, Luxembourg, Romania and Sweden to Meraki Capital.
It said the sale will result in a “modest” non-cash loss in the second half of its financial year.
The group is now looking at “options” for operations across Belgium, Brazil, Greater China, Malaysia, The Netherlands, Singapore and the United Arab Emirates.
Hays has also recently previously exited four other countries amid aims to concentrate on its core 16 markets to provide a “sharper focus” for the group.
The FTSE 250 listed company said: “Over the last year, Hays has been reshaping its country portfolio, including the previous exit from four other countries, as it focuses on building scale in high performing and high potential markets where it has an ability to establish and grow leading positions.”
Hays is among recruitment firms currently grappling a challenging jobs market which has seen employers take longer to hire candidates.
Last month, the group said it had slashed its worldwide consultancy staff numbers by 14% in the year to the end of March, with a 7% cut to its non-consultancy employee base, as it cut costs in response to the difficult market backdrop as profits have slumped due to sharp falls in net fees.
Mr Dearnley said: “We are pleased to announce the sale of six European countries to a leading private equity investor in European recruitment.
“The board believes Meraki Capital will be an excellent long-term owner, providing a strong platform to further support future growth for its employees and customers.
“Reshaping our portfolio to provide a sharper focus and build scale in high performing and high potential markets remains a key strategic priority for Hays.”
Mr Dearnley had served as interim boss since February before being confirmed in the role last month.
His predecessor Dirk Hahn stepped down for “personal reasons” after 28 years at the firm earlier this year.
