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TClarke acquires Eton Associates

By BFN News | 07:31 AM | Monday 07 August, 2017


TClarke has acquired Eton Associates, a London based privately-owned control systems specialist offering a variety of building management systems. TClarke has worked alongside Eton on a number of high profile projects. It said Eton specialised in installing and maintaining sophisticated building controls systems on complex office buildings. It said recent projects Eton had been involved with included, 20 Fenchurch Street, Chiswick Park, One Canada Square, Bloomberg London, Lacon House and Angel Court. TClarke said it had paid an initial cash consideration of £1.5 million, and a further £0.5 million was due to be released to the vendors following agreement of the final completion accounts. It said a further consideration of up to £0.6m would become payable to the vendors, subject to certain earnings targets being met in the two years to 4 August 2019. For the year ended 31 May 2016, Eton reported revenues of £9.5 million and a pre-tax profit of £0.3 million. As at 31 May 2016 it had gross assets of £3.2 million and net assets of £0.7 million. TClarke said that after integration costs are taken into account, the acquisition was expected to be earnings enhancing in 2018. Story provided by StockMarketWire.com

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