Business
Acquisition of The Vinden Partnership Limited
Acquisition of The Vinden Partnership Limited.
About this update from Gateley (holdings) Plc
[{"type":"text","content":"\n \n \n RNS Number : 2121F\n Gateley (Holdings) PLC\n 06 March 2020\n \n \n \n \n 6 March 2020 \n \n \n \n \n \n THIS 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 \n \n \n \n \n GATELEY (HOLDINGS) PLC\n \n \n (\"Gateley\" or the \"Group\") \n \n \n AIM: GTLY\n \n \n \n \n \n Acquisition of The Vinden Partnership Limited, Issue of Equity and Total Voting Rights\n \n \n \n \n \n Gateley (Holdings) Plc (AIM:GTLY), the legal and professional services group, is pleased to announce the acquisition of The Vinden Partnership Limited (\"Vinden\"), a specialist business offering corporate advisory, dispute resolution and consultancy to the built environment in the property and construction markets, for a maximum consideration of £6.75m (the \"Acquisition\"), equating to a maximum Enterprise Value of £5.15m. \n \n \n \n \n \n Vinden, which will trade under the name Gateley Vinden Limited following acquisition, strengthens Gateley's construction team, adding weight to its \n corporate advisory, dispute management and resolution expertise, whilst expanding its growing portfolio of complementary services. \n \n \n \n \n \n Vinden is a well-established, profitable and cash generative business. In the year ended 31 August 2019, Vinden's revenue was £4.7m, generating profit before tax of £0.8m. Net assets at completion will not be less than £2.1m, including net cash of approximately £1.6m. \n \n \n \n \n \n The Board expects the Acquisition to be immediately earnings enhancing. \n \n \n \n \n \n Background to Vinden \n \n \n \n \n \n Vinden has been operating in the property and construction markets for over 25 years. Its services include dispute management, quantity surveying, project management, bank monitoring, building surveying, sustainability, corporate services and insurance major loss reinstatement. The business has varied and extensive project experience, which covers many sectors including residential, education, affordable housing, industrial, office, retail, health and hotels and leisure. \n \n \n \n \n \n Vinden operates from five locations, Bolton, Nottingham, Liverpool, Man...