Business
Acquisition of T-three Group and Issue of Equity
Acquisition of T-three Group and Issue of Equity.
About this update from Gateley (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 7501W Gateley (Holdings) PLC 13 December 2019 \n\n \n13 December 2019\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n \nGATELEY (HOLDINGS) PLC\n(\"Gateley\" or the \"company\" or the \"group\") \nAIM: GTLY\n \nAcquisition of T-three Group, Issue of Equity and Total Voting Rights\n \n \nGateley (Holdings) Plc (AIM:GTLY), the legal and professional services group, is pleased to announce the acquisition of T-three Group (\"T-three\") for a consideration of £3.4m (the \"Acquisition\"). T-three complements Kiddy & Partners (\"Kiddy\"), which Gateley acquired in July 2018, and together these businesses create one of the largest specialist Human Capital consultancy businesses in the UK. \n \nT-three offers services and products to businesses that enable them to develop their senior people and effect cultural change within the business itself. Its client base includes multinational companies, large public sector organisations and SMEs across the UK and worldwide. T-three is based in Cambourne, Cambridge and employs 35 staff. \n \nT-three is an established, profitable and cash generative business and it will continue to trade under its existing name from its offices in Cambourne. In the year ended 30 September 2019, T-three generated pro-forma revenues from continuing operations of £4.2m and EBITDA of £0.7m. The Board expects the acquisition to be immediately earnings enhancing. \n \nBackground to T-three\nEstablished in 1996 by founder and CEO, Jill Jenkinson, T-three's core services include leadership development, behavioural change programmes and people and management development programmes. T-three regularly delivers leadership development programmes for large groups of senior personnel within UK based organisations. Its clients include the BBC, NCP, Jaguar Land Rover, Samsung and Transport for London.\n \nTerms of the acquisition\nUnder the terms of the Acquisition, Gateley will acquire T-three for a consideration of £3.40m on a debt free, cash free normalised level of working capital basis. The initial payment on completion will be approximately ...