Acquisition of In-House the Hygiene Management Company Ltd
5 September 2007
PHSC plc, the Aylesford-based provider of health, safety and environmental services to corporate and public sector clients, is pleased to announce signature of Heads of Agreement relating to the acquisition of the entire issued share capital of In-House The Hygiene Company Limited (IH) The purchase price will be £300,000 plus the opportunity of a bonus payment subject to the level of future profits. In addition, assets will be acquired at fair valuation.
The acquisition will be funded entirely from existing cash reserves, as follows:
• £200,000 on completion of the acquisition;
• £50,000 on the first anniversary of completion; and
• £50,000 on the second anniversary of completion.
Both anniversary payments are subject to an uplift equal to 50% of any pre-tax profit above £100,000 in the preceding year.
IH is a well-respected and established food safety and hygiene consultancy, with many hospitals, schools and hotels amongst its client base. The company also offers general health and safety consultancy and training. Turnover in the six months to 30 June 2007 was £197k, generating pre-tax profits of £56k (unaudited).
IH will enter into a strategic partnership with our RSA Environmental Health subsidiary, and will be managed from RSA’s Midlands offices.
Further information and a comprehensive client list can be found at www.inhouse-hygiene.co.uk
For further information please contact:
Stephen King 01622 717700
Ruegg & Co Limited
Gavin Burnell 020 7584 3663