29th Sep 2008 07:00
29th September 2008
Spice plc
Acquisition Mono Services Limited
Spice plc ("Spice" or "the Group"), the provider of Total Utility Support Services, is pleased to announce that its Distribution Division has completed the acquisition of Mono Services Limited ("Mono" or "the Company" ).
Mono provides responsive and planned maintenance services to registered social landlords, local housing associations and local authorities in the North West of England. Prior to the acquisition, certain historic activities of Mono, including its insurance and commercial repair activities, were hived out of the Company and have not been acquired by Spice.
Mono has been acquired for £0.45 million payable in cash. No deferred consideration is payable. It is estimated that the recurring annual turnover of the acquired business will be approximately £5 million. The audited financial statements of Mono for the year ended 31 December 2007, including historic activities not now being acquired by Spice, show turnover of £17.4 million and an operating profit of £0.7 million. Net assets at 31 December 2007 were £0.7 million.
Mono is located near Eccles in the North West of England, close to where Spice's gas maintenance activities are headquartered. The acquired business employs 123 staff of which there are 98 trade professionals (including electricians, plumbers and joiners). Mono has been acquired from Mavinwood plc.
Simon Rigby, Chief Executive Officer of Spice, commented:
"Increasingly local authorities require bundled services including combining gas maintenance services with responsive repairs. As a "complete service solutions" provider we will be in a very strong position to meet the requirements of our clients.
Synergy benefits with existing Spice businesses create the opportunity for efficiency gains and growth opportunities."
...ends...
For further information, please contact:
Spice plc Tel: 0113 201 2120
Simon Rigby, Chief Executive Officer
Oliver Lightowlers, Group Finance Director
Andrew Catchpole, Group Strategy and Development Director
Financial Dynamics Tel: 0207 831 3113
Billy Clegg
Caroline Stewart
KBC Peel Hunt Tel: 0207 418 8900
Julian Blunt
NOTES TO EDITORS
Spice plc
Spice is a total utility infrastructure support services business. The Group's operations were founded in 1996 and have their origins in the electricity industry, though the range of activities has since been expanded into the water sector, niche telecommunications services, statutory gas inspections, energy management and facilities management. Spice's businesses have a common theme of delivering and co-ordinating infrastructure services to customers, and the technological element within the product mix has been built up significantly over the course of the last three years.
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