Hays Plc (LON:HAS) has completed the sale of its operations in six European countries to Meraki Capital for net cash proceeds (after transaction costs) of c.£4 million.
The transaction, involving Hays’ businesses in the Czech Republic, Denmark, Hungary, Luxembourg, Romania and Sweden, was completed on 16 June 2026. The operations primarily focus on providing specialist recruitment services to local customers. The transaction will result in a modest non-cash loss on sale to be recognised in the second half of FY26. Hays will receive net cash proceeds of approximately c.£4 million, after working capital and other items.
In addition, and consistent with its strategy, Hays is exploring options relating to Belgium, Brazil, Greater China, Malaysia, The Netherlands, Singapore and UAE. In aggregate, these 13 countries are expected to deliver a broadly break even pre-exceptional operating profit on c.£85 million net fees in the 12 months to 30 June 2026.
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. Going forward, Hays will focus on its remaining core 16 countries.
Mark Dearnley, Chief Executive Officer, 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.
Both the businesses and employees will move forward with the continuity of their experienced and trusted leadership teams, where they will continue to support customers locally. Hays and Meraki Capital will continue to maintain an ongoing relationship, to support continued collaboration across the countries and ensure customers continue to receive the highest level of service. The Board and I sincerely thank all our Hays colleagues for their contributions and wish them well for the future with Meraki.”
