Yorkshire advisers on Sugar deal
YORKSHIRE lawyers have advised on the sale of a company owned by Lord Sugar in a deal worth £3.4m.
Amscreen M2M uses the phone network and the internet to remotely monitor equipment such as electricity meters and vending machines.
It has been acquired by AIM-listed Brulines through its Comtech M2M subsidiary. Stockton-on-Tees-based Brulines specialises in monitoring the quantity of drinks sold in pubs.
Comtech has paid an initial £2m in cash to acquire the trade, intellectual property and stock. A further £1.4m is due if the business hits certain performance targets.
Brulines was advised on the acquisition by Peter Barton and Jonathan Asquez of law firm Gordons whilst Amscreen was advised by Emma Marsden of solicitors Walker Morris.
Brulines said Amscreen M2M’s gross assets were £208,000 at October 31. It employs nine staff who will all transfer to Comtech. The business typically generates revenue from the sale of hardware products, followed by a software licence for between three and five years.
“The directors believe that the acquisition of Amscreen M2M is extremely complimentary as it underpins the leading edge technology the group has in relation to the services it provides with its’ i-draught and vending telemetry solutions,” said Brulines in a statement.
“The acquisition also provides the group with a dedicated technology business to further develop and enhance its products and services, and to reduce the time to market, as it seeks to achieve globally scalable market penetration for its’ i-draught, fuel and vending solutions.”
Amscreen M2M is a division of Lord Sugar’s Essex-based Amscreen which specialises in digital signage. Management accounts show the division generated revenue of £1.4m in the year to September 30.
