Business
Heads of Agreement signed
Heads of Agreement signed.
About this update from Phsc Plc
[{"type":"text","content":"\n \n\n PHSC plc\n (\"PHSC\" or the \"Group\")\n\n Acquisition of In-House The Hygiene Management Company Limited\n\nPHSC plc, the Aylesford-based provider of health, safety and environmental services to corporate\nand public sector clients, is pleased to announce the signature of Heads of Agreement relating to\nthe acquisition of the entire issued share capital of In-House The Hygiene Management Company\nLimited (IH) The purchase price will be £300,000 plus the opportunity of a bonus payment subject\nto the level of future profits. In addition, assets will be acquired at fair valuation.\n\nThe acquisition will be funded entirely from existing cash reserves, as follows:\n\n * £200,000 on completion of the acquisition;\n * £50,000 on the first anniversary of completion; and\n * £50,000 on the second anniversary of completion.\n\nBoth anniversary payments are subject to an uplift equal to 50% of any pre-tax profit above\n£100,000 in the preceding year.\n\nIH is a well-respected and established food safety and hygiene consultancy, with many hospitals,\nschools and hotels amongst its client base. The company also offers general health and safety\nconsultancy and training. Turnover in the six months to 30 June 2007 was £196,000, generating pre-\ntax profits of £56,000 (unaudited).\n\nIH will enter into a strategic partnership with our RSA Environmental Health subsidiary, and will\nbe managed from RSA's Midlands offices.\n\nFurther information and a comprehensive client list can be found at www.inhouse-hygiene.co.uk.\n\nFor further information, please contact:\n\nStephen King\nPHSC plc\nTel: 01622 717700\n\nRuegg & Co Limited\nNominated Adviser\nGavin Burnell\nTel: 020 7584 3663\n\nPHSC plc\n\n\t\t\t\t\t\t \n ","length":1999,"tagName":"div"}]