Share Name Share Symbol Market Type Share ISIN Share Description
Ceps Plc LSE:CEPS London Ordinary Share GB00B86TNX04 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 30.00p 28.00p 32.00p 30.00p 30.00p 30.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 21.6 -0.3 -9.1 - 5

CEPS PLC Acquisition of Travelfast Limited

28/03/2019 7:01am

UK Regulatory (RNS & others)


Ceps (LSE:CEPS)
Historical Stock Chart

1 Year : From Oct 2018 to Oct 2019

Click Here for more Ceps Charts.

TIDMCEPS

RNS Number : 2492U

CEPS PLC

28 March 2019

28 March 2019

CEPS PLC

("CEPS" or the "Company")

Acquisition by CemTeal Limited of Travelfast Limited, trading as Sampling International

CEPS announces that its subsidiary company, CemTeal Limited ("CemTeal"), has entered into a contract to acquire 100 per cent of the issued share capital of Travelfast Limited ("TFT"), trading as Sampling International, for a maximum aggregate consideration of GBP1,200,009, payable in cash over three years based on performance. The transaction was completed on 27 March 2019.

The vendors of TFT are founding member and major shareholder, Stephen Hubbard, and other shareholders. Stephen Hubbard will be Managing Director of CEM Press Limited, the trading company of CemTeal Limited, and Travelfast Limited ("the Group") and Richard Briggs of CEM Press Limited will be Finance Director of the Group. Stephen is contracted to remain with the Group for a minimum of three years from completion to support the integration of both companies and to assist in the development of a succession plan to support the long-term financial viability of the Group. The payment of the maximum aggregate consideration of GBP1,200,009 in cash is conditional, inter alia, upon Stephen Hubbard's continued employment by the Group during the three-year period (subject to customary earn-out protections).

TFT was established in 2009 and is based in Batley, Yorkshire. TFT is one of the leading providers in designing and manufacturing sample books, shade cards and other display solutions.

In the year ended 31 December 2017, TFT's sales were GBP5,303,464, EBITDA was GBP102,496 and loss before taxation was GBP32,540. At 31 December 2017, net assets were GBP231,277. Trading performance and net assets of TFT in 2018 were behind those of 2017, but in line with management's expectations for the period.

The acquisition of TFT will make the newly formed Group one of the largest individual pattern book and shade card makers in the UK, with two production facilities.

The acquisition of TFT fits with CemTeal's strategy of broadening its services and working with management teams who are committed to developing their businesses further. It is expected that there will be significant synergies arising from the combination of these two complementary businesses. The Directors of CEPS believe that the acquisition of TFT by CemTeal will be a valuable addition to CEPS.

The consideration for the acquisition will be funded from the cash flow of the Group. In March 2019 David Horner, Chairman of CEPS, lent GBP100,000 to TFT. David Horner's loan is unsecured and bears interest at 10% per annum. This loan was made to allow TFT to meet certain liabilities. In addition to the consideration for the acquisition, on completion CemTeal injected GBP500,000 into TFT in part to be used for working capital purposes and in part to repay the loan to David Horner.

The announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries

 
 CEPS PLC 
  Vivien Langford, Group FD           +44 1225 483030 
 Cairn Financial Advisers LLP 
  Tony Rawlinson / James Caithie      +44 20 7213 0880 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ACQUBRRRKSAOUUR

(END) Dow Jones Newswires

March 28, 2019 03:01 ET (07:01 GMT)

1 Year Ceps Chart

1 Year Ceps Chart

1 Month Ceps Chart

1 Month Ceps Chart
Your Recent History
LSE
CEPS
Ceps
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20191017 21:07:44