12th Jun 2015 13:36
LONDON (Alliance News) - Premier Technical Services Group PLC said Friday it is acquiring Pendrich Height Services Ltd and Naths Ltd, together known as Pendrich, for a maximum of GBP1.7 million in cash.
Based in Rosewell near Edinburgh, Pendrich are specialists in working at height on both conventional and unconventional structures.
The consideration will be paid in a nominal initial payment, and the remainder in deferred payments over three years depending on profit targets.
Pendrich posted a pretax loss of GBP200,000 for the year to end-April, on revenue of GBP3.5 million.
"This acquisition enables us to extend our service offering to include steeplejack services and further strengthens our offering in the fields of industrial rope access and lightning and surge protection. It also provides a substantial operational footprint in Scotland," said
Shares in Premier Technical Services were trading up 1.2% at 59.70 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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