17 January 2017 – acquisition
The company has announced the acquisition of Nimbus, a designer, installer and maintainer of lightning protection and earthing systems based in Nottingham, for a total consideration of £1.0m, payable in cash on completion. The unaudited revenue of Nimbus for the year ended 31 December 2015 was £1.4m and profit before tax of £0.3m. The unaudited net assets at 31 December 2015 were £0.3m. The company inherited the cash balances of Nimbus at completion, totalling around £0.1m. This looks to be a good deal which has been completed on very attractive terms. BUY.