Dewhurst PLC Acquisition (6998V)
February 01 2017 - 2:56AM
UK Regulatory
TIDMDWHT
RNS Number : 6998V
Dewhurst PLC
01 February 2017
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Dewhurst plc
("Dewhurst" or the "Company")
Acquisition of P&R Liftcars Pty Ltd
Dewhurst plc, an independent supplier of quality components to
the lift, keypad and transport industries is pleased to announce it
has signed an agreement to acquire 75% of the business and assets
of P&R Liftcars Pty Ltd ("P&R Liftcars" or the "Business")
on 31 January 2017 (the "Acquisition"), through a newly formed
subsidiary ALC Lift Cars Pty Ltd.
P&R Liftcars, based in Sydney, New South Wales, Australia is
a lift car interior manufacturer which works with all the major
Australian lift companies. P&R Liftcars was founded by Roy Peat
and Peter Hosey thirty two years ago and today the business has
grown to be a leading supplier of lift interiors across the East
Coast of Australia. Roy Peat will retain a 25% shareholding in the
business and will continue in his role as General Manager. Peter
Hosey has been in the interiors industry for over fifty years and
has decided to retire, although he will remain with the business
for a short period to ensure a smooth transition.
The key terms of the Acquisition are as follows:
The Company will acquire the 75% interest of the business and
assets of P&R Liftcars for a cash consideration of A$1.54
million plus a cash adjustment on completion for 75% of the
inventory less employee liabilities expected to be in the region of
A$190k.
There is provision within the agreement for Dewhurst to hold the
right of first refusal to acquire the remaining 25% shareholding of
the Business.
In the year ended 30 June 2015 (the most recently filed
financial information), P&R Liftcars generated a profit before
tax of A$1.0 million on turnover of approximately A$4.7 million.
The reported profit excludes the employment costs of the owner
managers.
The General Manager of P&R Liftcars, Roy Peat said "the
investment and wider product offering by Dewhurst will enable the
Business to grow faster and provide a seamless lift fixture and
interiors service to our customers."
Commenting upon the Acquisition, Brad Newell, the General
Manager of Dewhurst plc's Australian Lift Components business
("ALC"), said:
"As Australia's largest designer and manufacturer of high
quality lift fixtures, this Acquisition provides an exciting
opportunity for ALC to expand its services to the Australian lift
industry and will provide customers a single point of contact for
lift fixtures and interiors. The Acquisition is in line with our
strategy of providing a broad range of high quality manufactured
products and services to the lift industry and will be earnings
enhancing for the Dewhurst Group."
-Ends-
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
www.dewhurst.plc.uk
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
David Foreman / Will Goode (Corporate Finance)
David Banks (Sales)
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQSSLSWFFWSEIE
(END) Dow Jones Newswires
February 01, 2017 02:56 ET (07:56 GMT)
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Apr 2023 to Apr 2024