Information  X 
Enter a valid email address

Tellings Golden Miller Group P (TGM)


Monday 04 June, 2007

Tellings Golden Miller Group P


                       TELLINGS GOLDEN MILLER GROUP PLC                        


The board of Tellings Golden Miller Group plc (the "Company") announces that it
has today entered into an agreement to purchase certain business assets and
related business operations from Wiltax Buses Limited ("Wiltax").

The business acquired relates to the entire bus operations of Wiltax outside
the London area and of its coach operations. The transaction involves the
transfer of 24 staff and 24 vehicles from Wiltax which will continue to be
based at Wiltax's existing depot at New Haw in the Canal Bridge Industrial
Estate. The Company will also take over this site.

The vehicles will be maintained from the Company's new engineering and
maintenance base at Heathrow airport.

As part of the deal, Wiltax will change its name to Randomquick (2007) Limited.

In the year ended 31 October 2006, the unaudited accounts of Wiltax reported a
turnover of £1,018,159 and profit after tax of £38,382. Net assets as at 31
October 2006 were £75,540. The consideration for the acquisition, to be
satisfied in cash, will be equivalent to the net assets of Wiltax which are
estimated to be approximately £35,000 on completion.

The Company has acquired this business because it fits well with its strategy
of strengthening its contract based revenues and because of the strong market
position Wiltax enjoys in school transportation and rail replacement work.

Stephen Telling, Chairman of the Company, commented:

"The acquisition of this business fits in well with our existing operations and
identified synergies and resource utilisation improvements will enable us to
build on the growth that Wiltax has enjoyed so far. I am delighted to welcome
the Wiltax staff and passengers to the Tellings Golden Miller Group."


Stephen Telling
Tellings Golden Miller Group Plc
Tel: 020 8757 4700

Tony Rawlinson, Nominated Adviser
City Financial Associates Limited
Tel: 020 7090 7800


a d v e r t i s e m e n t