RNS Number:2678M
Claimar Care Group PLC
22 January 2008
ACQUISITION OF RAVENSCROFT HOMELINK AND PRACTICARE
Claimar Care Group Plc ("Claimar" or the "Company"), a leading provider of
domiciliary care services to local authorities throughout the Midlands and the
North-West, announces that it has acquired the entire issued share capital of
Ravenscroft One Limited, the parent company of Ravenscroft Homelink Limited
("Ravenscroft Homelink") and Practicare Limited ("Practicare"). Ravenscroft One
Limited has been acquired for a maximum consideration of £2.85 million on a cash
free, debt free basis. Of the consideration, £2.7 million is payable in cash on
completion with the balance of £150,000 payable by 1 April 2009 subject to
certain performance criteria being met.
Ravenscroft Homelink and Practicare are domiciliary care providers based in
Preston, Lancashire which currently employ approximately 370 care workers.
Ravenscroft Homelink and Practicare were established in 2002 and 1991
respectively and currently deliver around 9,000 hours per week to Lancashire
County Council. Lancashire County Council is an existing customer of Claimar
and this acquisition will make Claimar the largest provider of domiciliary care
services to Lancashire County Council.
For the year ended 31 March 2007, audited accounts for Ravenscroft Homelink show
turnover of £3.8 million and a profit before tax of £410,000. As at 31 March
2007 Ravenscroft Homelink had net assets of £428,000.
For the period 1 January 2006 to 31 March 2007, audited accounts for Practicare
show turnover of £1.1 million and a profit before tax of £68,000. As at 31
March 2007 Practicare had net assets of £240,000.
The Claimar Board expects the acquisition of Ravenscroft One Limited to be
earnings enhancing in the current year.
Commenting on the acquisition, Mark Hales, Chief Executive of Claimar, said:
"Ravenscroft Homelink and Practicare are businesses with excellent local
reputations and will reinforce our strong relationship with Lancashire County
Council. We believe that this acquisition could lead to further opportunities
for us in Lancashire and we are also likely to benefit from economies as we
combine Ravenscroft Homelink and Practicare with our existing structure and
resources in the region.
"As previously indicated, there continues to be a strong pipeline of further
acquisition opportunities. The Group is in discussions with a number of
possible vendors and we are confident that a number of these will lead to
further transactions taking place."
Enquiries to:
Mark Hales, Chief Executive, Claimar Care Group Plc Tel: 0121 410 4080
Chris Hardie/Steve Douglas, Arden Partners plc Tel: 020 7398 1639
Paul Vann/Tom Cooper, Winningtons Financial PR Tel: 0117 920 0092
Note: Nothing in this announcement should be construed as a profit forecast or
be interpreted to mean that the future earnings per share or profits of Claimar
will necessarily be greater than the historic published earnings per share.
This information is provided by RNS
The company news service from the London Stock Exchange
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