27th Mar 2015 08:55
LONDON (Alliance News) - Entu (UK) PLC Friday said it has acquired Astley Facades Ltd and its subsidiaries from Gentoo Group Ltd for GBP0.2 million in cash.
The home improvement group, which provides energy efficiency products and services to the UK residential market, said the acquisition is in line with its strategy to broaden its product portfolio and the range of customers it serves. It said it was paying for the acquisition from its existing cash reserves.
Wigan-based Astley provides energy efficient exterior wall insulation, render and specialist cladding for new-build construction and the refurbishment of existing building stock. Entu said it would become part of its energy services division.
For the year ended March 31, 2014 the trading subsidiaries of the Astley companies had a combined turnover of approximately GBP12.2 million and pretax losses of about GBP1.4 million.
The Astley companies are currently trading on a break-even basis and Entu expects the acquisition to make a positive contribution towards its earnings for the year ending October 31, 2016.
"We have previously identified energy efficient products as an important area in which we want to grow, so this acquisition is an important step forward for us," Chief Executive Ian Blackhurst said in a statement.
"We are delighted to welcome the Astley companies to Entu: they will enable us to build our presence and our reputation in the facades solutions market, and also create a national platform and skill base from which to deliver other energy efficiency and ECO products," he added.
Entu shares were trading up 1.5% at 134.00 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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