PHSC plc (“the Group”), a leading provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, is pleased to confirm final payment details in respect of its purchase of QCS International Limited (QCS).
An agreed final payment of £105,285 was made to the vendors yesterday, using cash from the Group’s existing resources. This brings the total cash payment for the transaction to £425,285.
The entire issued share capital of QCS was purchased in July 2012. A combined sum of £320,000 in cash was paid on completion and at the first anniversary, along with the issue of 79,186 Ordinary Shares in PHSC plc. A final payment of £80,000 was provided for in the Share Purchase Agreement, such amount to be varied up or down according to a formula that compared EBITDA at the time of completion with the average performance over the two years post-acquisition. Based on this calculation, an additional £25,285 became payable after agreed adjustments and reflects the improved profitability of QCS since it became a member of the Group.
QCS specialises in quality, environmental, and health and safety management systems and assists organisations by providing practical support and training in systems such as ISO 9001, ISO 14001, OHSAS 18001 and ISO 13485.
For further information please contact:
Northland Capital Partners Limited
(Nominated Adviser & Broker)
Edward Hutton / Gavin Burnell / Lauren Kettle 020 7382 1100
John Howes / Alice Lane (Broking)