Premier Technical Services Grp PLC Acquisition of Nimbus Lightning Protection Limited (1846U)

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RNS Number : 1846U

Premier Technical Services Grp PLC

16 January 2017

16 January 2017

Premier Technical Services Group PLC

("PTSG" or the "Company")

Acquisition of Nimbus Lightning Protection Limited ("Nimbus")

Expansion of Lightning Protection Division

PTSG, the niche specialist services provider, is pleased to announce that on 13 January 2017 it completed the acquisition of Nimbus, a designer, installer and maintainer of lightning protection and earthing systems based in Nottingham, for a total consideration of GBP1.0m, payable in cash on completion.

The unaudited revenue of Nimbus for the year ended 31 December 2015 was GBP1.4m, producing a profit before tax of GBP0.3m. The unaudited net assets at 31 December 2015 were GBP0.3m.

PTSG inherited the cash balances of Nimbus at completion, totalling c. GBP0.1m.

Directors Darren Stapleton and Lisa Mucznik will continue in their current roles to grow and expand its operations, which will be integrated into PTSG's Electrical Services Division. The remaining previous owners of Nimbus are retiring.

Paul Teasdale, CEO of PTSG, said:

"We are very pleased to welcome Nimbus, a long established and respected lightning protection business with a significant presence in the Midlands, to the PTSG Group of companies. The acquisition provides additional capabilities to the Group, including an attractive testing and inspection base, as well as its installation activities from which PTSG will continue to enhance its market leading offering."

For further information, please contact:

 
PTSG                                     [phone] 
Paul Teasdale, Chief Executive Officer 
Numis                                    [phone] 
Stuart Skinner 
 Kevin Cruickshank 
 Michael Burke 
Hudson Sandler                           [phone] 
Cat Valentine 
 Jocelyn Spottiswoode 
 

About PTSG - www.ptsg.co.uk

Premier Technical Services Group PLC is the UK's leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions.

Operating through four divisions, Access & Safety, Electrical Services, High Level Cleaning and Training Solutions, the Group provides highly-engineered industrial products and quality services and has a substantial presence in a number of niche markets.

PTSG provides a central information service for its businesses and champions the dissemination of key information and best practice. PTSG unites its constituent businesses under one clear identity, which supports smarter working and delivers top class service to its customers.

Headquartered in Castleford, West Yorkshire, the Group employs more than 450 people across 16 UK sites, who service more than 150,000 buildings across the whole of the UK for over 12,000 customers in a wide range of industries.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 16, 2017 02:00 ET (07:00 GMT)