Business
Acquisition
Acquisition.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n European Motor Hldgs PLC\n12 June 2006\n\n\nEUROPEAN MOTOR HOLDINGS plc (\"EMH\")\n\n\nACQUISITION OF NEW DEALERSHIP\n\n\n\nThe Board of EMH is pleased to announce the acquisition on 9 June 2006 of the\nbusiness and certain assets of the St Helens Land Rover dealership of the\nHartwell group in St Helens.\n\n\nThe fixed assets, stocks and certain liabilities of the dealership have been\nacquired for a net consideration of £0.5 million, satisfied in cash. The assets\nhave been acquired at valuation or book value and the consideration includes a\npayment for goodwill of £0.4 million. In addition, the EMH Group has entered\ninto a short term lease of the dealership's existing property from the Hartwell\ngroup.\n\n\nThe unaudited management accounts of the dealership for the year ended 30\nNovember 2005 showed a profit before taxation of £142,000 on a turnover of £15.7\nmillion.\n\n\nCommenting on the acquisition, Richard Palmer, Chief Executive of EMH, said:\n\n\"This is a very good acquisition for EMH. The expansion of our Land Rover\nfranchises is part of our declared strategy for the Group and the location of\nthe new dealership also represents a good fit with our existing Land Rover\nbusinesses in Chester and Preston and our other businesses in the North West.\"\n\n\n\nEnquiries:\n\nRichard Palmer Chief Executive\nAnn Wilson Finance Director\n\nEuropean Motor Holdings plc 01491 413399\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":1612,"tagName":"div"}]