21st Jun 2018 10:08
LONDON (Alliance News) - Arena Events Group PLC on Thursday said it intends to buy fencing company Events Solution Ltd for GBP2.5 million to expand its UK product portfolio.
The events firm said Events Solution offers a wide range of barriers for outdoor events - as well as Metropolitan Police barriers - which it provides for customers including British Cycling and Live Nation. In the year ended March, Events Solution reported revenue of GBP1.5 million and pretax profit of GBP400,000.
Arena Events said it will pay GBP1.8 million in cash and GBP500,000 in equity. The company said it wil issue Arena Events 726,000 shares at a price of 62.00 pence. It also will pay another GBP300,000 in deferred consideration over the next 12 months.
Shares in Arena Events were up 4.1% at 65.56 pence each on Thursday.
Following the admission, the company will have 117.9 million shares overall.
Following the acquisition, the company said Events Solution will continue to operate out of its existing Worksop base near Sheffield and will also expand to offer products from Arena's existing Cambridgeshire hub as of next year.
"Joining Arena will give us the resources and extended network to continue growing our client portfolio in line with our ambitions," said Events Solution Managing Director Greg Lawless.
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