MITIE Group PLC
20 February 2006
MITIE Group PLC ('MITIE')
Acquisition of Lyndhurst Services Limited
Enhanced UK coverage for Support Services
MITIE is pleased to announce that it has acquired 100% of the issued share
capital of Lyndhurst Services Limited ('Lyndhurst') from the existing
shareholders
(David Tait and Jerome Collar) for a total consideration payable in cash of up
to £9.0 million: £7.9 million on completion, £0.8m payable six months after
completion linked to Lyndhurst's financial performance and £0.3m held in escrow
until April 2008.
Lyndhurst provides external grounds maintenance services to commercial property
sites across England, Scotland and Wales and employs over 240 people.
Lyndhurst's audited accounts for the financial year ended 31 December 2005
showed turnover of £6.8 million, pre-tax profits of £1.2 million and gross
assets of £2.7 million.
Welcoming Lyndhurst to MITIE, Chief Executive, Ian Stewart commented: 'This
acquisition complements our existing landscaping and grounds maintenance
business and increases our ability to provide our customers with a complete
range of services across the UK. I welcome the Lyndhurst management and
employees to MITIE.'
20 February 2006
For further information, please contact:
Ian Stewart, Chief Executive, MITIE
Tel: 0117 970 8800
Mob: 07979 701002
Ruby McGregor-Smith, Chief Operating Officer, MITIE
Tel: 0117 970 8800
Mob: 07979 701004
John Telling, Head of Corporate Affairs, MITIE
Tel: 020 7089 2500
Mob: 07979 701006
This information is provided by RNS
The company news service from the London Stock Exchange
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