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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vantis | LSE:VTS | London | Ordinary Share | GB0031464620 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8017Q Vantis PLC 13 October 2003 For Immediate Release 13 October 2003 Vantis plc ("Vantis" or the "Company") Acquisition of the non-audit business of Wheawill & Sudworth London Vantis, the AIM listed accountancy and professional advisory group, is pleased to announce the acquisition of the non-audit business of Wheawill & Sudworth London ("WS"). WS is a long established, seven-partner firm based in London. It brings to Vantis complementary strengths in forensic accounting, particularly expert witness and litigation, the IT and restaurant/catering sectors, together with expertise in accountancy outsourcing, business and taxation services. The seven partners of the WS team, plus their support staff, join Vantis and will shortly relocate to the Vantis City office. This will improve cost efficiency and facilitate rapid integration into Vantis. WS historically has a presence in the Thames Valley. Working closely under the leadership of David Rankin of Vantis, it is the intention to strengthen existing client relationships and increase the Vantis presence in this important geographical area. The unaudited partnership accounts of WS show that in the year ended 31 March 2003, WS generated profits attributable to the partners of #1.065 million on turnover of approximately #2.8 million. Under the terms of the acquisition of WS, Vantis will acquire maximum net assets of #0.564 million. The above results include the audit business of WS, which is not being acquired by Vantis. The Directors of Vantis estimate that WS's non-audit turnover being acquired amounts to approximately #2.5 million per annum, from which Vantis expects a continuing pre-tax contribution on an annualised basis to be approximately #1 million after accounting for some of the cost savings arising from the integration process, but after charging remuneration for the continuing partners of WS. The maximum consideration for the acquisition will be #4.25 million. This is to be satisfied, on completion, with a cash payment of #1.436 million. The balance of the consideration is mostly deferred over the two year period to 30th September 2005 and is dependent upon the performance of WS over the period to 30th September 2006. Commenting on the acquisition, Paul Jackson, Chief Executive, Vantis said: "Wheawill & Sudworth London is an exceptional firm. This acquisition further strengthens and broadens the scope of our operation within central London. In addition to its experienced personnel and well established client base, WS brings high-level expertise to the Vantis group, particularly in forensic accounting and services to and with the IT and restaurant/catering sectors. "This is an exciting acquisition for us. Not only will current Vantis clients benefit from the new skills and services WS bring to the group, but their client base will have access to the wide range of specialist skills already available within Vantis, including corporate finance, management consultancy (embracing sports), business recovery, customs duty recovery and advisory services, asset finance, independent financial advice, and membership of our international alliance, Inpact." - ENDS - For further information, please contact: Paul Jackson, Chief Executive Paul Ashton Executive Director, M&A Vantis plc 020 7417 0417 Richard Darby/Suzanne Brocks Buchanan Communications 020 7466 5000 Notes to Editors 1. Vantis plc is the AIM listed accounting and business advisory group that specialises in helping business people improve the performance of their businesses. 2. The Vantis group offers a range of specialist skills, including taxation services, accountancy, management consultancy, business recovery, corporate finance, outsourcing, asset finance and independent financial advice. 3. The Vantis group has over 380 staff operating from 13 offices throughout England and is a member of INPACT, the international network of professional accountants, which has worldwide representation of 155 firms in 61 countries. This information is provided by RNS The company news service from the London Stock Exchange END ACQURUBROBRRAAA
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