Premier Technical Services Grp PLC Acquisition of UK Sprinklers Limited (4264Q)
September 12 2017 - 2:00AM
UK Regulatory
TIDMPTSG
RNS Number : 4264Q
Premier Technical Services Grp PLC
12 September 2017
12 September 2017
Premier Technical Services Group PLC
("PTSG" or the "Group")
Acquisition of UK Sprinklers Limited ("UKS")
PTSG, the niche specialist services provider, is pleased to
announce that it has extended its fire safety solutions business to
encompass the installation and maintenance of sprinkler systems
through the acquisition UK Sprinklers Ltd. Based in Bury, UKS is a
specialist in the installation of sprinkler systems. It has been
acquired for a total consideration of up to GBP2.5m, comprising an
initial cash payment of GBP1.3m, two fixed deferred cash payments
of GBP0.1m payable on the first and second anniversaries of
completion and a contingent payment of GBP1.0m payable over three
years, subject to the business achieving stretching and escalating
milestone profitability targets in each of those periods. The
deferred consideration can be paid in cash or shares at the sole
option of PTSG.
Unaudited revenue of UKS for the year ended 31 January 2017 was
GBP3.5m, delivering a profit before tax of GBP0.8m. Unaudited net
assets at the same date were GBP0.7m.
The businesses will be integrated into PTSG's Fire Solutions
business. Mike Charlton and Steven Griffiths of UKS will remain
with the Group and work with PTSG's management team to grow and
expand the acquired business.
Paul Teasdale, CEO of PTSG, said:
"We warmly welcome UKS to the PTSG Group. The business is well
established and respected in the UK and their addition to the Group
expands our service offering in our Fire Solutions business. We
look forward to working with Mike and Steven and their colleagues
on growing the business and expanding the Group's activities in
these key areas."
For further information, please contact:
PTSG +44 (0)1977 668 771
Paul Teasdale, Chief Executive Officer
Numis +44 (0)20 7260 1000
Stuart Skinner
Kevin Cruickshank
Michael Burke
Hudson Sandler +44 (0)207 796 4133
Charlie Jack
About PTSG - www.ptsg.co.uk
Premier Technical Services Group PLC is the UK's leading
provider of façade access and fall arrest equipment services,
lightning protection and electrical testing, high-level cleaning
and training solutions.
Operating through four divisions, Access & Safety,
Electrical Services, High Level Cleaning and Training Solutions,
the Group provides highly-engineered industrial products and
quality services and has a substantial presence in a number of
niche markets.
PTSG provides a central information service for its businesses
and champions the dissemination of key information and best
practice. PTSG unites its constituent businesses under one clear
identity, which supports smarter working and delivers top class
service to its customers.
Headquartered in Castleford, West Yorkshire, the Group employs
more than 600 people across 17 UK sites, who service more than
150,000 buildings across the whole of the UK for over 17,000
customers in a wide range of industries. The Company is listed on
the LSE AIM (PTSG.L)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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