Business
Acquisition of CRD (UK) Limited
Acquisition of CRD (UK) Limited.
About this update from Gb Group Plc
[{"type":"text","content":"\n \nRNS Number : 3491I GB Group PLC 02 July 2013 \n\n \n \n \n\n\n\n\nEmbargoed until 7.00 a.m.\n\n\n2 July 2013\n\n\n\n\n \n GB GROUP PLC\n(\"GBGroup\", \"GBG\" or the \"Group\")\nAcquisition of CRD (UK) Limited\n \nGBGroup, the Identity Intelligence specialist, is pleased to announce the acquisition of CRD (UK) Limited (\"CRD\") for a total consideration of £1.32 million. Excluding acquisition and integration costs, this acquisition is expected to be earnings enhancing in its first full year as part of the Group.\n \nCRD, based in Crewe, is the UK's sixth largest criminal records disclosure umbrella organisation. Its criminal record disclosure system currently processes over 55,000 checks a year for organisations who employ individuals working with children and vulnerable adults and also increasingly in other sectors. This is a significant growth area within the identity verification industry.\n \nThe acquisition of CRD follows the acquisition of TMG CRB in November 2012 and will make GBGroup the UK's largest criminal records disclosure umbrella service. In addition to the considerable opportunity for operational leverage through integration with TMG CRB, the acquisition reinforces GBGroup's entry into the growing market for online employment screening using GBGroup's ID verification, criminal record disclosure and entitlement to drive checking solutions.\n \nIn the unaudited accounts for the twelve months to 31 March 2013, CRD's net revenue was £492k; profit before interest and tax was £177k; and it had net assets of approximately £78k.\n \nCommenting on the acquisition, Richard Law (GBGroup's CEO) said:\n\"GBGroup continues to focus on its strategy of organic and acqu...