Dresdner Kleinwort Wasserstein has helped Corporate Services Group, the troubled UK recruitment company formerly known as Blue Arrow, buy some valuable breathing space with the proposed sale of its French business.

DrKW 's fifteeen months of work with Peter Owen, chief executive and Tony Collyer, CSG's new finance director, has resulted in the proposed sale of Eurisst, CSG's wholly owned French subsidiary and France's fourth largest temporary recruitment group. Should the sale complete, it would bring CSG €125m ($110m) in cash and help reduce the company's group net debt as at June 30 from £165m (€265m) to £61m.