21st Jun 2006 07:00
Lavendon Group PLC21 June 2006 21 June 2006 Lavendon Group plc ("Lavendon" or "the Group") Acquisition of A.M.P Access Limited Lavendon Group plc, Europe's market leader in the rental of powered accessequipment, today announces the acquisition of A.M.P Access Limited ("AMP"). AMP operates a fleet of 525 powered access machines through a network of fourdepots in the South-West region of the UK, employing 57 people. The auditedaccounts of AMP for the year ended 31 August 2005 showed turnover of £4.8million, a profit before tax of £1.0 million, gross assets of £6.3 million andnet assets of £2.6 million. The unaudited results for AMP for the 12 monthsended 31 May 2006 show turnover of £4.9 million and profit before tax of £0.6million. The consideration payable on completion is £3.0 million, to be satisfied incash. Additional consideration of between £0.3 - £2.6 million will be payable incash by Lavendon dependent upon AMP's financial performance over the two yearsending 31 May 2008. The consideration will be funded from the Group's existing bank facilities. Aspart of the transaction, Lavendon will assume AMP's net debt of £2.8 million. Lavendon's Chief Executive, Kevin Appleton commented: "AMP has an excellentreputation and holds a strong position in the South West with a number of itscustomers showing significant growth potential. Following on from our earlieracquisitions of Panther and Kestrel, the complementary geographic coverage ofAMP is an important addition to our new network of regional businesses. AMP'smanagement team will remain with the business and will seek to ensure that theircustomers benefit from the breadth and depth of fleet and the administrativesupport of the largest powered access company in Europe." - ends- For further information please contact: Lavendon Group plc 01455 206 736Kevin Appleton, Chief ExecutiveAlan Merrell, Finance Director Weber Shandwick Square Mile 020 7067 0700Nick Dibden / Lana-Kathryn Pugh This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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