Premier Technical buys Integral Cradles for 4m pounds

2nd Oct 2015 09:22

(ShareCast News) - Premier Technical has completed the acquisition of Gatwick-based Integral Cradles for a maximum consideration of £4m, comprising an initial payment of £1.2m and £2.8m in redeemable loan notes.The specialist services provider said the initial payment will be satisfied by £825,000 cash and the issue of 500,000 ordinary shares. The loan notes are redeemable after five years with an interim redemption after three years. The redemption values will vary depending on the future profitability of Integral.The aggregate unaudited revenue of Integral for the 15 months ended 30 June 2015 was £1.8m, producing an aggregate loss before tax of £0.5m. The unaudited net assets at 30 June 2015 were £0.2m with cash in hand of £1.1m.Chief executive officer Paul Teasdale said: "The acquisition increases our market share of the cradle installation market, bringing us closer to our goal of being the UK's leading cradle installation business, and is a good strategic fit with our existing business, which is strong in the regions whilst Integral is strong within the M25 ring."