Coventry electrical safety firm acquired in £0.7m deal
COVENTRY-based electrical safety testing specialist, Langston Jones has been acquired by niche services provider, PTSG, in a deal worth £700,000.
Langston Jones, whose customer base includes the Ricoh Arena and Warwick Castle plus law firm Slater & Gordon, will offer PTSG the opportunity to expand its UK footprint.
Castleford-based PTSG will inherit cash balances of £0.4m once the deal completes. The acquisition follows the retirement of Langston Jones’ previous owner.
The unaudited revenue of Langston Jones for the year ended March 31, 2015 was £1m, producing a pre-tax profit of £0.1m. The unaudited net assets at the same date were £0.5m.
The senior management team of Langston Jones will continue in their roles to develop and expand the business, which will be integrated into PTSG’s Electrical Services Division.
Paul Teasdale, CEO of PTSG, said: “We are very pleased to welcome Langston Jones to the PTSG group of companies. This is a highly complementary acquisition, which instantly expands the group’s client base into new geographical territories and provides another key office location, the West Midlands, from which to grow our business.
“Langston Jones also brings additional expertise and knowledge to our existing portfolio of electrical testing services with its bias towards Portable Appliance Testing, whereas PTSG’s focus has historically been on Electrical Installation Testing.”
The Langston Jones deal is the third to be completed by PTSG in the last six weeks following the £1.1m cash purchase of Essex firm JW Gray and the acquisition of Integral Candles in London in a deal worth up to £4m.
