House of HR - comment

Hayes reporting -3% LfL will not be helping House of HR bonds, now down 10% in three weeks. The recruitment firm reported net fees down 7%, as it fights for volume, particularly in the shaky northern European markets - also the home of House of HR. While both firms are different in many ways, the underlying macro climate that is driving Hays will also have an impact on House of HR, which is reporting on November 9th. Having given up our gains since February, we remain long into the Q3 figures before making a decision. House of HR's path to refinancing has already been narrow, and a report along the lines of Hays would have us sell the position.