Premier Technical Services buys Nimbus for £1m

16th Jan 2017 07:50

(ShareCast News) - Specialist service provider Premier Technical Services has bought Nottingham-based Nimbus, a designer and installer of lightning protection and earthing systems, for £1m.On Friday, the AIM-listed company completed the transaction and inherited Nimbus' £1m cash balance.Paul Teasdale, chief executive of Premier Technical Services, said: "The acquisition provides additional capabilities to the group, including an attractive testing and inspection base, as well as its installation activities from which Premier Technical Services will continue to enhance its market leading offering."For the year ended 31 December 2015, Nimbus made revenue of £1.4m, pre-tax profit of £300,000 and had net assets of £300,000.Darren Stapleton and Lisa Mucznik, directors at Nimbus, will continue in their roles to grow and expand its operations, which will be integrated into the company's electrical services division, while the remaining previous owners of Nimbus are retiring.