20th Jul 2016 07:35
LONDON (Alliance News) - Wilmington PLC on Wednesday said it has acquired accountancy training and technical compliance support services provider SWAT Group Ltd for up to GBP5.4 million.
Wilmington - which provides information, education and networking services to various financial and legal industries - will pay GBP2.4 million in cash upfront for SWAT, with a further GBP3.0 million to be paid based on SWAT meeting "challenging profit targets" in the two years after the acquisition.
SWAT was founded as South West Accountancy Tutors in 1976 with a focus on the Devon and Cornwall markets. It has since expanded to include a London office. In 2015, SWAT made a pretax profit of GBP600,000 on revenue of GBP4.7 million.
Wilmington said the deal will expand its presence in London and extend its operations in the south west of England where its Mercia accountancy business has been under-represented.
"SWAT is a quality business that we have been tracking for a number of years, and we are delighted that it is joining Wilmington. SWAT has a very experienced management team who collectively bring a wealth of knowledge and experience in the accountancy training and technical support sectors," said Wilmington Chief Executive Pedro Ros.
Wilmington shares were untraded early Wednesday, having last traded at 243.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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