6th Aug 2007 07:01
Lavendon Group PLC06 August 2007 6 August 2007 LAVENDON GROUP PLC ACQUISITION OF HIGHER PLATFORMS GROUP LIMITED Lavendon Group plc ("Lavendon"), Europe's market leader in the rental of poweredaccess equipment, today announces the acquisition of Higher Platforms GroupLimited ("Higher Platforms"). Higher Platforms operates a rental fleet of 435 machines in the UK, through anetwork of four depots with a head office in Cannock, West Midlands. The auditedaccounts for Higher Platforms for the year ended 31 January 2007 showed aturnover of £4.6 million, a profit before tax of £1.1 million, gross assets of£6.8 million and net assets of £3.9 million. The consideration payable upon completion is £7.6 million, satisfied in cash.Additional consideration of £1.3 million will be payable in cash by Lavendon on3 August 2008. The consideration will be funded from the Group's existing bankfacilities. As part of the transaction, Lavendon will assume Higher Platform'snet cash of £1.4 million. Lavendon's Chief Executive, Kevin Appleton, commented: "The acquisition of Higher Platforms is another important addition to our UKnetwork of regional businesses, as their geographic coverage complements ourexisting network. They have an excellent reputation for providing high levels ofservice to their customer base, with a particular emphasis on the warehouse anddistribution market sectors. We will seek to leverage their market position by providing access to the UKGroup's wider product range and depot network, whilst investing in additionalfleet and information systems. This acquisition further strengthens our positionas the leading powered access rental company in the UK." For further information please contact: Kevin Appleton, CEO T: 01455 206 744Alan Merrell, FD T: 01455 206 750Lavendon Group PLC Jonathon Brill T: 020 7831 3113 / 07836 622683Caroline Stewart T: 020 7831 3113 / 07799 605719Financial Dynamics This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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