Acquisition

RNS Number : 1042E

Managed Support Services PLC

15 December 2009

 



Managed Support Services plc

("MSS" and the "Company")

Acquisition of Certain Business Assets and Maintenance Contracts of Workplace Engineering Limited, wholly owned subsidiary of Johnson Service Group PLC

MSS is pleased to announce that it has acquired certain assets and contracts from Workplace Engineering Limited ("Workplace Engineering"), a wholly owned subsidiary of Johnson Service Group PLC.  These assets and contracts have been acquired with effect from 30 November 2009.

Workplace Engineering provided a range of technical building services primarily to public sector customers across Southern England.  

The total consideration payable is £300,000, subject to agreed working capital adjustments. The initial consideration of £200,000, was paid in cash at completion with additional consideration of £100,000 payable upon the confirmation of certain contractual negotiations with customers.

The historic turnover directly related to the assets and contracts the Company has acquired is approximately £2 million of which circa £1million is contracted maintenance.

Simon Beart, CEO of MSS said, "We are looking forward to offering a high level of service to the new Group customers. This transaction also emphasises our commitment to the provision of reliable and well resourced technical building services to our customer base."

For further information please contact:-

Managed Support Services Group plc Simon Beart - Chief Executive Piers Wilson - Finance Director	Tel: [phone]
Cenkos Securities plc Stephen Keys/Camilla Hume	Tel: [phone]
Buchanan Communications Ltd Richard Darby/Nicola Cronk	Tel: [phone]

 

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