Business
Acquisition of AG Signs
Acquisition of AG Signs.
About this update from Software Circle Plc
[{"type":"text","content":"\n \nRNS Number : 7281T Grafenia plc 05 July 2018 \n\n5 July 2018\n \nGRAFENIA PLC (\"GRAFENIA\" or the \"Group\")\nACQUISITION OF AG SIGNS\n \nGrafenia plc (GRA) announces that it has completed the acquisition of the entire issued share capital of Devon-based AG Signs & Print Limited (\"AG Signs\"). Martin Baily (aged 34), one of the vendors of AG Signs, joins Grafenia as Regional Director of the main operating company in the Group. The other vendors George and Celia Blake (both aged 71) will be stepping away from the business to enjoy retirement.\n \nIn the year ending 31 August 2017, AG Signs' unaudited turnover was approximately £570,000 with an operating profit of circa £65,000. Given the size of the business, the acquisition is not considered a material transaction for Grafenia, but demonstrates progress in its strategy of acquiring businesses in the highly-fragmented signs industry.\n \nPeter Gunning, CEO of Grafenia said \"We're delighted to welcome the AG Signs team to Grafenia. Together, we move another step forward with our published plan. In December last year, we acquired Nettl of Exeter, one of our best performing Nettl partner studios. Our team down there has performed well since. Martin will continue to lead the AG Signs team while we work on the next part - opening a Nettl Business Superstore in Exeter, combining our two teams. We opened the first Superstore in Liverpool Waters this year, and we're very pleased with the progress there. We are excited to build something special to help the businesses in and around Exeter\".\n \nMartin Baily said \"We were thrilled when Grafenia approached us about the possibility of joining the Group. We had a shared vision of the products and services our business should be delivering and were actively looking for ways to enhance our web offering. We've had a relationship with the local Nettl team for many years and when I heard about the superstore plans, I was extremely excited about the opportunities. Merging the two teams makes sense and we can't wait to build a creative and engaging environment for both the staff and customers.\"\n \nGeorge Blake commented \"It's been a pleasure building the business with Martin over the last decade and working with a committed and very capable team. I believe it will continue to thrive in ...