Acquisition

Hargreaves Services PLC
17 September 2007


For immediate release                                         17 September 2007



                     HARGREAVES SERVICES PLC ('Hargreaves')

   Acquisition of Imperial Tankers Limited - Maximum Consideration £7 million



Hargreaves announces the acquisition of Imperial Tankers Limited ('Imperial') a
company engaged in the movement of liquid products, similar to those transported
by Hargreaves Bulk Liquid Transport Limited ('HBLT').  Together, the merged
businesses will be a top 5 player in the UK chemical tanker sector.



Hargreaves is paying an initial consideration of £5.0 million in cash, to be
funded from existing resources.  There is also an earnout of up to £2.0 million
payable in cash based on the performance of the combined businesses of HBLT and
Imperial in the first year following completion.  Payment of the full
consideration will result in a PE multiple of 7 times current year earnings.
The directors of Hargreaves believe that the acquisition will be immediately
earnings enhancing.



Imperial was a MBO from ICI approximately 10 years ago, since when it has grown
substantially.  Around 80 per cent of its volumes are contracted for periods of
between one  and five years.  Key customers include Terra Nitrogen, UK Bitumen,
Petroplus and Koppers.  Hargreaves plans to integrate Imperial with HBLT.  Both
businesses operate in a very attractive sector within transport with a high
focus on health and safety leading to higher margins.



In the last financial year, Imperial achieved a profit before tax of £1.35
million on sales of £16.1 million.  Warranted net assets at completion are £3.0
million.



Note: Nothing in this announcement should be construed as a profit forecast or
be interpreted to mean that the future earnings per share or profits of
Hargreaves will necessarily be greater than the historic published earnings per
share.



Commenting on the acquisition of Imperial, Hargreaves' Chief Executive Officer,
Gordon Banham said:-



'Imperial is an excellent and well-run chemical tanker business which is also a
perfect fit with our own business, HBLT.  The integration of the 2 businesses
will start immediately and will result in significant synergies and savings.  We
view the growth potential of the combined chemical tanker operations as very
encouraging'.



Enquiries:


Hargreaves Services                                     0191 373 4485
Gordon Banham, CEO
Peter Dillon, Financial Director

Buchanan Communications                                 0207 466 5000
Tim Anderson

Brewin Dolphin                                          0113 244 0130
Andrew Kitchingman




                      This information is provided by RNS
            The company news service from the London Stock Exchange  ND

ACQUSOBRBBRKAAR