Capita Group PLC
20 January 2003
20 January, 2003
Capita acquires Registrar Administration Businesses
from BWD Securities PLC for £18.47m
Capita IRG Plc, part of the Capita Group Plc, announces that it has today,
exchanged contracts to acquire the Administration Services Division (which
comprises Northern Registrars Limited, Northern Administration Limited and the
Connaught St Michaels group) from BWD Securities PLC ('BWD').
The three companies being acquired provide share registration, unit trust
administration and ancillary services to over 500 customers. The purchase
consideration, payable in cash, is £18.47 million. BWD has also agreed to sell
the principal property occupied by the Administration Services Division in
Huddersfield for a further cash consideration of approximately £1.42 million.
Capita expects the transaction to be earnings enhancing in the first year.
Northern Registrars Limited and Northern Administration Limited achieved
aggregate profits before tax of £1.1 million for the year ended 30 November
2001. Connaught St Michaels achieved profits before tax of £0.5 million in the
year ended 31 March 2002. The Administration Services Division is expected to
have aggregate net assets at completion of approximately £6.8 million (which
includes goodwill of approximately £3.5 million and cash of £2.3 million). BWD
intends to release its preliminary statement of results for the year ended 30
November 2002 on 11 February 2003.
The companies being acquired will be integrated into Capita Registrars and
Capita Financial, our existing operations in those sectors. Completion is
subject to the approval of the FSA and the shareholders of BWD Securities PLC.
Around 130 employees will join Capita on completion. It is anticipated that the
transaction will complete in February 2003.
For further information contact:
The Capita Group Plc 020 7799 1525
Rod Aldridge, Executive Chairman
Paul Pindar, Chief Executive
Shona Nichols, Group Marketing Director
Capita Press Office 020 7544 3141
Finsbury 020 7251 3801
Morgan Bone/Mark Harris
The Capita Group Plc
The Capita Group Plc, is the UK's leading provider of integrated professional
support service solutions. The Group's service capabilities encompass customer
services, financial services, human resource services, software services,
systems and strategic support and property services delivered to both public
sector and private organisations. With over 17,000 employees at more than 200
offices across the UK, Capita is quoted on the London Stock Exchange (CPI.L),
and is a constituent of the FTSE 100, with estimated revenues for 2002 of £895
million. For the second consecutive year, Capita has won Management Today's
Most Admired Support Services Company Award. Further information on Capita
Group can be found at: www.capita.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange