cash shell

Lol true :)
Good to hear some other views on this anyway.

Also interested to see if anything to come from the below mention of Ansa related aquisitions by year end, maybe see something in with the results v soon.


LONDON (SHARECAST) - Mavinwood, the cash shell turned support services firm, said current trading has been in line with expectations as it looks to take on Homeserve in the emergency services market.

Run by former British Gas executive Kevin Mahoney, who attempted to buy drain-cleaning firm Dyno-Rod last year before a large shareholder pulled out of the deal, the company recently acquired a similar business though the £25m acquisition of ANSA in June.

ANSA provides drain cleaning services and well as handling insurance claims. Mavinwood is hoping to use the business as a platform to create an Emergency Services division.

Kevin Mahoney is looking to expand the current services ANSA offers, moving into other avenues around the home, in a bid to provide customers with an alternative to home repair and services provider Homeserve. The group is looking to add on acquisitions to complement the business and hopes to announce a deal by the end of the year.

The other area of the business was started through the £6m acquisition of Restore in May, which provides data storage and document management services. Mahoney suggests this area too is ripe for consolidation and Mavinwood is already on the look out for deals.

Mavinwood reported a pre-tax loss of £122,000 for the six months to June against a loss of £81,000 last time, though this does not include trading from teh acquired businesses.

Forecasts expect the group to turn in a profit of some £1.5m for the year.