Mears Group PLC
07 June 2007
Mears Group PLC
Acquisition of Britannia Care
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 Lancashire based Claremont Golcar Ltd trading as
Britannia Care (Britannia) for a maximum consideration of £1.1 million in cash
payable from existing resources. This comprises an initial payment of £0.82
million followed by a maximum deferred payment of £0.28 million conditional upon
Britannia achieving agreed performance targets over the next 12 months.
Britannia operates from offices in Bacup, Lancashire, servicing contracts with
Lancashire County Council and Rochdale MBC. The accounts for Britannia for the
year ended 31 July 2006 show an operating profit of £223,000 on turnover of
£824,000 and net assets of £334,000.
Mike Rogers, Chairman of Careforce, commented: 'Britannia currently delivers
approximately 1,400 hours per week and employs approximately 60 carers. This is
our first acquisition since Mears acquired Careforce and we are pleased to be
continuing with our policy of consolidation within the industry. The acquisition
of Britannia strengthens our position in South East Lancashire and extends our
geographical coverage in to a new local authority area of Rochdale.'
For further information, please contact:
Careforce Group Mears Group PLC
Mike Rogers, Chairman Bob Holt, Chairman
John Coleman, Finance Director David Robertson, Finance Director
Tel: 01438 310600 Tel: 07778 798816 - Bob Holt
07887 705357 - David Robertson
www.careforcegroup.co.uk www.mearsgroup.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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