PHSC makes final payment for QCS acquisition

20th Aug 2014 10:30

Health and safety provider PHSC has confirmed the final payment details for its acquisition of QCS International.The firm paid vendors £105,285 on Tuesday using cash from its existing resources, bringing the total cash payment for the transaction to £425,285.QCS was acquired in 2012 with a sum of £320,000 in cash paid on completion. A final payment of £80,000 provided for in the share purchase agreement was to be varied up or down according to a formula that compared operating profits at the time of completion with the average performance over the two years after the acquisition. As such, an additional £25,285 became payable.QCS specialises in environmental and health and safety management systems.As of 08:34 the share price had dropped 1.5% to 29p.WS