28th Mar 2019 11:47
LONDON (Alliance News) - Investment firm CEPS PLC said Thursday a subsidiary has acquired wallpaper and fabrics sample book firm Travelfast Ltd for up to GBP1.2 million in cash.
CemTeal Ltd - a subsidiary of CEPS - will pay the GBP1.2 million for Travelfast over three years dependent on performance. Travelfast trades as Sampling International.
As part of the deal, Travelfast executive Stephen Hubbard will become managing director of CEPS subsidiary CEM Press Ltd - which owns both CemTeal and Travelfast - and will remain at the firm for at least three years after closing.
CEPS emphasised the continuing employment of Hubbard over those three years was a condition for the payment of the acquisition consideration.
In 2017, Travelfast generated a pretax loss of GBP32,540 on revenue of GBP5.3 million. In 2018, trading had been behind those of 2017.
For comparison, in 2017, CEPS generated GBP55,000 in pretax profit on revenue of GBP23.6 million.
Shares in CEPS were 8.8% higher at 31.00 pence on Thursday.
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