Further to the announcement made by PHSC on 5 September 2007 the directors are pleased to announce successful completion of the acquisition of the entire issued share capital of In House The Hygiene Management Company Limited (IH).
The purchase price is £300,000 plus the opportunity of a bonus payment subject to the level of future profits. In addition, assets will be acquired at fair valuation.
The acquisition will be funded entirely from existing cash reserves, as follows:
* £200,000 on completion;
* £50,000 on the first anniversary of completion; and
* £50,000 on the second anniversary of completion.
Both anniversary payments are subject to an uplift equal to 50% of any pre-tax profit above £100,000 in the preceding year.
IH is a well-respected and established food safety and hygiene consultancy, with many hospitals, schools and hotels amongst its client base. The company also offers general health and safety consultancy and training. Turnover in the six months to 30 June 2007 was £196,000, generating pre-tax profits of £56,000 (unaudited).
IH will be managed from the Midlands offices of another PHSC subsidiary, RSA Environmental Health.
Further information and a comprehensive client list can be found at www.inhouse-hygiene.co.uk
For further information please contact:
Ruegg & Co Limited
Gavin Burnell 020 7584 3663