Mears Group PLC
14 February 2008
14 February 2008
Mears Group PLC
Acquisition of Seraph Ltd
Mears Group PLC announces that its subsidiary Careforce, one of the UK's leading
providers of domiciliary care services, has completed the acquisition of the
entire issued share capital of Darlington based Seraph Ltd for a total
consideration of up to £2.0 million in cash payable from existing resources.
This comprises an initial payment of £1.75 million followed by a deferred
payment of up to £0.25 million conditional upon achievement of agreed
performance targets over the 12 months following completion. Seraph operates
from offices in Darlington servicing contracts with Stockton Borough Council,
Middlesbrough Council and Darlington Borough Council as well as private clients.
Mike Rogers, Chairman of Careforce, commented:
'Seraph currently delivers approximately 3,500 hours per week and employs over
100 carers. This is our ninth acquisition and seventeenth new branch since Mears
acquired Careforce in April 2007. The acquisition of Seraph extends our
geographical coverage into the North East and gives access to several new local
authorities.'
For further information, please contact:
Mears Group PLC
Bob Holt, Chief Executive Tel: 07778 798 816
Mike Rogers, Executive Director Tel: 01438 310600
David Robertson, Finance Director Tel: 07887 705357
Andrew Smith, Executive Director Tel: 07712 866461
Threadneedle Communications
Trevor Bass/Alex White Tel: 020 7936 9666
Nominated adviser to Mears Group PLC - Investec
Keith Anderson/Michael Ansell Tel: 020 7597 5970
This information is provided by RNS
The company news service from the London Stock Exchange
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