7th Jul 2014 07:43
LONDON (Alliance News) - Project management services group Progility PLC Monday said its largest shareholder Praxis Trustees Ltd plans to provide up to GBP30 million of additional funding to support the group's acquisition strategy.
Praxis Trustees Ltd is a trustee of the DNY Trust, a family trust of which Chairman Wayne Bos is a beneficiary.
The company, which was previously called ILX Group, re-branded itself as Progility following its merger with Australian Progility Pty Ltd in October 2013.
Over the past 18 months, Progility has acquired four businesses, extending its project management services offering and more than doubling the size of the business. Most recently the company acquired Sue Hill Recruitment & Services Ltd, a specialist employment agency to the UK information, market research, insight and analysis sectors, for an undislcosed fee.
Progility said the new acquisitions will complement its existing activities or provide an established presence in new industry verticals.
"We are actively looking to acquire proven businesses which will make material additions to the group," Bos said in a statement. "By combining the funding support from Praxis with other potential funding sources, I believe we are now in a position to consider making acquisitions potentially up to a collective value of GBP100 million."
Progility shares were quoted up 4.2% at 5.60 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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