Lancashre health services firm swallowed for £7.7m
BLACKBURN-based community health services specialist About Health – also known as Target – has been acquired by AIM-listed company Totally for £7.7m.
About Health provides its sevices under contract to seven NHS clinical commissioning groups with a focus on dermatology services across the UK.
Its revenue for the year ended March 31 was £2.27m (2015: £1.21m) and pre-tax profit was £0.26m (2015: £0.1m).
London-headquartered Totally said it believed the acquisition to be earnings enhancing with revenue and profit growth potential.
The deal involves an initial consideration of £1.83m funded out of Totally’s existing cash resources with the rest of the money deferred and based on About Health’s financial performance.
Wendy Lawrence, chief executive of Totally, said: “This (the acquisition) is not only the next step in our ‘buy and build’ strategy’ for the Totally Group but also provides opportunities for us to develop new business models across our subsidiaries and additional expertise to assist with our growth.
“Our commitment to growing the group and delivering investor value remains our priority as we continue to seek new potential acquisitions that we believe will add value to our portfolio. I look forward to updating shareholders of our progress in due course.”