Acquisition of CRD (UK) Limited
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Embargoed until 7.00 a.m. |
2 July 2013 |
GB GROUP PLC
("GBGroup", "GBG" or the "Group")
Acquisition of CRD (UK) Limited
GBGroup, the Identity Intelligence specialist, is pleased to announce the acquisition of CRD (UK) Limited ("CRD") for a total consideration of £1.32 million. Excluding acquisition and integration costs, this acquisition is expected to be earnings enhancing in its first full year as part of the Group.
CRD, based in Crewe, is the UK's sixth largest criminal records disclosure umbrella organisation. Its criminal record disclosure system currently processes over 55,000 checks a year for organisations who employ individuals working with children and vulnerable adults and also increasingly in other sectors. This is a significant growth area within the identity verification industry.
The acquisition of CRD follows the acquisition of TMG CRB in November 2012 and will make GBGroup the UK's largest criminal records disclosure umbrella service. In addition to the considerable opportunity for operational leverage through integration with TMG CRB, the acquisition reinforces GBGroup's entry into the growing market for online employment screening using GBGroup's ID verification, criminal record disclosure and entitlement to drive checking solutions.
In the unaudited accounts for the twelve months to 31 March 2013, CRD's net revenue was £492k; profit before interest and tax was £177k; and it had net assets of approximately £78k.
Commenting on the acquisition, Richard Law (GBGroup's CEO) said:
"GBGroup continues to focus on its strategy of organic and acquisitive growth designed to build market share in the developing identity intelligence market. The acquisition of CRD reinforces GBGroup's capability in the important and growing areas of the safeguarding of vulnerable individuals and entitlement to work. We expect that the combination of CRD with our existing business will deliver strategic and operational synergies."
- Ends -
For further information, please contact:
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GB Group plc Richard Law, Chief Executive Dave Wilson, Finance Director
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01244 657333 |
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Peel Hunt LLP (Nominated Adviser and Broker) Richard Kauffer Daniel Harris
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020 7418 8900 |
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Newgate Threadneedle Caroline Evans-Jones Josh Royston Heather Armstrong
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020 7653 9850 |
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Website |
Notes to Editors
About GBGroup
The most profitable and successful organisations recognise the value of understanding the individual identity of their customers and employees. GBG combines this concept of identity with technology to create an environment of trust, so that organisations can employ people and connect, communicate and transact with consumers, safely and responsibly.
We call this Identity Intelligence.
GBGroup's Identity Intelligence solutions include:
Register & Verify - International software and services for quick and accurate customer registration; and the verification of identities of individuals & businesses remotely.
Cleanse & Engage - Innovative software and services which provide accurate and up-to-date identity information to deliver improved intelligent customer contact strategies.
Employ & Comply - Thorough background checks through online verification and authentication of individuals enabling organisations to safeguard, recruit and engage with confidence.
Trace & Investigate - Leading software and services which provide the most accurate and up-to-date picture of the UK's population, properties and businesses to quickly locate, investigate and contact the right individual, first time.
This information is provided by RNS
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