Clarke(T.) PLC
12 March 2004
T. Clarke plc
T. CLARKE STRENGTHENS GROUP WITH £5.9M ACQUISITION OF
MITCHELL & HEWITT
The Board of T. Clarke plc ('T. Clarke'), the electrical engineering and
contracting company today announces the acquisition of the entire Ordinary Share
capital of Mitchell & Hewitt Ltd for £5.9m, of which £1.5m will be satisfied by
the issue of new shares in T. Clarke. There is a further contingent
consideration payable of £1m. Mitchell & Hewitt is a privately owned electrical
and mechanical contractor with 120 employees based in Derby. The company has a
high quality client base and a strong presence in Derby and surrounding East
Midlands region.
In the year to March 2003, Mitchell & Hewitt reported turnover of £10.447m, a
pre-tax profit of £701,000 and net assets of £885,000.
Pat Stanborough Chief Executive commented,
' I am pleased to announce the acquisition of Mitchell & Hewitt. It is a very
good local business, which has a very strong reputation in the East Midlands. I
am confident that it will complement and enhance our existing Midlands
operations extremely well.
' We are keen to broaden the base of our regional operations and this
acquisition fits our strategy perfectly.'
-ends-
Date: 12 March 2004
For further information contact:
T. Clarke plc City Profile Group
Pat Stanborough, Chief Executive Simon Courtenay
John Daly, Finance Director Tel: 020-7448-3244
Tel: 020-7358-5000
Web: www.tclarke.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
BX
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