CASTLEFORD-BASED Premier Technical Services Group (PTSG) has strengthened its presence in London with the purchase of a cradle installation business for up to £4.0m.
PTSG, which on Tuesday reported a 40% increase in revenue to £11.74m in the first half of the year, has bought Integral Candles – its 13th acquisition in eight years.
Paul Teasdale, PTSG chief executive, said: “The acquisition increases our market share of the cradle installation market, bringing us closer to our goal of being the UK’s leading cradle installation business, and is a good strategic fit with our existing business, which is strong in the regions whilst Integral is strong within the M25 ring.”
It will pay an initial £1.2m – £825,000 in cash and 500,000 ordinary shares – with up to £2.8m in redeemable loan notes, the value of which will be based on the future profitability of Integral.
The Gatwick and London based business generated revenues of £1.8m in the 15 months to June, but made a pre-tax loss of £0.5m.
It will become part of PTSG’s access and safety division, and Integral’s managing director Kevin Walton will also move across.
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