Completion of acquisition

RNS Number : 1354W

Fairpoint Group PLC

17 August 2015

 

17 August 2015

Fairpoint Group plc

Completion of the acquisition of Colemans-CTTS legal services business

Further to the announcement on 3 August 2015, Fairpoint Group plc ("Fairpoint" or the " Group"), one of the UK's leading providers of consumer professional services, is pleased to confirm that it has now successfully completed the acquisition (the "Acquisition") of the trade and assets of Colemans-CTTS LLP, CT Support Services Limited and the entire ordinary share capital of Holiday TravelWatch Limited (together referred to as "Colemans").

Consideration for the Acquisition has been satisfied by the initial payment of £8 million in cash and the issue of 755,516 ordinary shares at 132p per ordinary share ("Completion Shares"). Application has been made for the Completion Shares to be admitted to AIM and dealings are expected to commence on 20 August 2015. Following the issue of the Completion Shares, the enlarged issued share capital, excluding 1,194,167 shares held by Fairpoint in treasury, will be 44,586,224. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in Fairpoint.

Chris Moat, Chief Executive of Fairpoint, said:

"I am delighted to complete the acquisition of Colemans; it brings a class leading platform for the provision of volume legal services and adds annualised revenues of £19 million. The Acquisition is in line with our commitment to consolidation in the legal services marketplace and represents substantial progress towards our objective of creating a top 5 UK consumer legal services business. On a pro-forma basis, Legal Services is now expected to generate a majority of the Group's income."

Enquiries please contact:

Fairpoint Group plc                                                                                                                                         

Chris Moat, Chief Executive Officer                                                                                                              0845 296 0100

John Gittins, Group Finance Director

Shore Capital (Nomad and Broker)                                                                                                                     

Pascal Keane                                                                                                                                                    020 7408 4090

Edward Mansfield

MHP Communications                                                                                                    

Reg Hoare                                                                                                                                                          020 3128 8100

Katie Hunt                                                                                                                                                        

Notes to editors:

Fairpoint Group plc is an AIM listed consumer professional services business specialising in the provision of consumer-focused legal services, personal debt solutions and claims management. The Group is structured into the following primary business lines:

1.             Legal Services

2.             Debt Management Plans (DMPs)

3.             Claims Management

4.             Individual Voluntary Arrangements (IVAs)

www.fairpoint.co.uk

Colemans is a provider of consumer-focused legal services with particular class leading expertise in volume personal injury, volume conveyancing and travel law.

www.colemans-ctts.co.uk

www.holidaytravelwatch.com

 

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