Business
Acquisition of Fidelis Contract Services Ltd
Acquisition of Fidelis Contract Services Ltd.
About this update from React Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7248T\n React Group PLC\n 29 March 2021\n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n 29 March 2021\n \n \n \n \n \n REACT Group plc\n \n \n \n \n \n (\"REACT\" or the \"Company\")\n \n \n \n \n \n Acquisition of Fidelis Contract Services Ltd\n \n \n \n \n \n Significant expansion of the Group's scale and offering in the commercial cleaning and hygiene services sector\n \n \n \n \n \n REACT (AIM: REAT.L), the leading specialist cleaning, hygiene, and decontamination company, is pleased to announce the acquisition of Fidelis Contract Services Ltd (\"Fidelis\"), a successful commercial cleaning, hygiene and facility support services company headquartered in Birmingham providing services to customers across England and Wales. This maiden acquisition, which is expected to be immediately earnings enhancing, represents an important step in the Company's stated growth strategy.\n \n \n Acquisition highlights:\n \n \n · Acquisition of Fidelis, a well-established commercial cleaning, hygiene, and facility support services business with extensive coverage in England and Wales.\n \n \n · Expected to be immediately earnings enhancing.\n \n \n ·Delivers a significant increase in the scale of the Group's commercial cleaning and hygiene services offering.\n \n \n · Fidelis has strong credentials in the education and healthcare sectors providing quality contract cleaning and hygiene services ranging from daily housekeeping and washroom hygiene services through to building and caretaker services, as well as specialist services such as kitchen and duct cleaning, industrial deep cleaning, and pest control.\n \n \n · High levels of recurring revenues providing clear visibility of future revenues and income.\n \n \n o c. 87% of revenue for Fidelis in the financial year ended 31 March 2020 (\"FY 2020\") were recurring in nature with a significant proportion being from contr...