Therese Rein business for sale and role defined
Thursday, November 22, 2007/
The election is two days away and the sale of WorkDirections, owned by potential future first lady Therese Rein, is reportedly imminent.
The proposed takeover of WorkDirections for more than $10 million by a Sydney-based company, the Angus Knight Group, is still under scrutiny by senior bureaucrats.
WorkDirections will be the second subsidiary of Rein’s Australian business Ingeus to sell. Clements, a recruitment agency, was sold in October as an operating entity to Sydney-based private company Bluestone Personnel, part of the Total Recruitment Group.
For the 2007 financial year, Ingeus reported group revenue, including continuing and discontinuing operations, of $221.9 million, up $47 million (26.8%) on the previous year, but profit fell by $2 million (23%) to $6.7 million.
The continuing operations of Ingeus lifted revenue from $88 million to $112 million, with a loss of $840,000 in 2006 converted into a profit of $3.38 million last financial year.
The discontinued operations (WorkDirections and Clements Recruiting) lifted revenue from $86.9 million to $109.5 million, while profit fell from $9.6 million to $3.3 million.
Once the deal goes through, Rein will be busy with Ingeus’ international businesses. Ingeus has reportedly just won a £85 million contract to find work for the disabled in Britain, has 11 offices in France and one in Germany.
Yesterday, Kevin Rudd told the Press Club that his wife was the “real success” of the family but Australians wouldn’t be getting a two-for-one deal.
“I’m sorry, you’re just getting me,” he said. “I’m the guy whose name is on the ballot paper.” Nevertheless, he also said of course, he and Rein discuss issues. “Therese is a good advocate for the needs of business.”