Recruiter BNB is looking to raise £8m to shore up its balance sheet and help fund the planned acquisition of the Apollo Group for a maximum £10.5m - the £8m is being raised through a discounted placing and open offer at 12.5p. Apollo is a 12-strong network of companies across six Western European countries, specialising in accounting and finance search and selection as well as temporary staffing. In the ten months to October, Apollo lost £479,000 on £10.9m sales, though these losses had been pared significantly thanks to cost cutting started back in 2002. As well as taking BNB into temporary staffing in Italy and the UK and bringing in Apollo's career management and outplacement business, the deal would give BNB an established international presence. BNB's board believes the enlarged group should be better placed to take advantage of the oft-mooted recovery in the recruitment market. Results for last year are due in late March and should show BNB improving on its 2002 numbers, at least 'on a pre-exceptional basis'. Interims to June showed pre-tax losses widen from £700,000 to £4.6m after exceptionals, although turnover rose £2.6m to £63.1m. Not one of the most attractive recruiters around, but worth holding at these levels if you are already exposed.