Premier Technical buys JW Gray for GBP1.1m

30th Oct 2015 09:35

(ShareCast News) - Premier Technical has completed the acquisition of lightning protection and earthworks systems group JW Gray for a total cash consideration of £1.1m.Premier, which describes itself as a niche specialist services provider, said the unaudited revenue of JW Gray for the year ended 31 December 2014 was £1.6m, with a pre-tax profit of £200,000. Unaudited net assets at the end of December last year were £400,000.Adam Bateman, managing director of JW Gray, will continue in his current role to grow and expand its operations, which will be integrated into Premier Technical's electrical services division.Chief executive officer Paul Teasdale said: "We are very pleased to welcome JW Gray, a long established and respected lightning protection business with a significant presence in the M25 ring and London in particular, to the PTSG Group of companies."The acquisition provides a new office for the group in the South East and strong foundations from which to continue our expansion into the key London market."At 0943 GMT, shares in the company were up 3.3% at 93p.