SPS changes hands twice in a year

AIM-listed Ashley House is to acquire Strategic Property Solutions (SPS), a Warrington business that specialises in providing facilities for people with mental health problems.

The company, based in Buckinghamshire, said the deal would be paid for by the issue of 2.3m new shares at 65p each, valuing SPS at £1.5m.

In July Plus-listed investment vehicle Ely Capital took over SPS in a deal which valued it at £1.6m.

SPS works closely with local authorities and NHS trusts to deliver new sites and refurbish health and social care developments including supported living facilities, community hospitals and specialist units.

In a statement Ashley House said: “SPS’s pipeline comprises eight assisted living schemes for mental health patients and the acquisition brings new technical expertise to the company as it seeks to broaden its ability to secure opportunities in related mental health and social services care sectors. 

“Two key employees of SPS transferred to Ashley House in January and are actively engaged in providing assistance on a number of the company’s existing schemes. They will continue to develop the pipeline of SPS projects which has a value of approximately £20m.”