14th Jul 2020 20:19
Inspecs Group PLC - the eyewear company - Completes the acquisition of the manufacturing operations of The Norville Group Ltd from the administrator BDO LLP for a total cash consideration of GBP2.4 million. The acquisition includes GBP1.2 million of freehold property for Norville's Gloucester site and the remainder for stock, plant, IP and contracts. Norville reported for 2019 revenue of GBP11.8 million, pretax loss of GBP790,000 and earnings before interest, tax, depreciation and amortization of GBP390,000. The acquisition is being funded from Inspecs' existing cash resources. It is anticipated that this acquisition will be earnings enhancing for the company in 2021.
Current stock price: 215.00 pence
Year-to-date change: up 10%
By Evelina Grecenko; [email protected]
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