Acquisition

RNS Number : 6762D

Wilmington Group Plc

18 May 2012

 



                   18 May 2012

Wilmington Group Plc

Acquisition

Wilmington Group Plc (the "Group" or "Wilmington"), the professional information and training group, is pleased to announce the acquisition of the business and certain assets of Millennium ADMP Ltd which is in administrative receivership (the "Business"), for a cash consideration of £465,000.

The Business was acquired today by Wilmington Millennium Ltd, a wholly owned subsidiary of Wilmington formed for the purpose of making the acquisition.  Wilmington will fund the consideration from existing debt facilities.

The Business provides information and services to the insurance market and provides data and sales services to Smee & Ford Ltd another wholly owned Wilmington subsidiary.

During the year ended 30 June 2011, the Business made profits before interest, tax and amortisation of £0.4 million on turnover of £5.9 million.  The Business has gross assets of approximately £0.9 million.

Charles Brady, CEO of Wilmington, commented "We are pleased to have been able to rescue one of our trading partners and secure the continuing employment of their staff.  For Wilmington the acquisition represents an opportunity not only to secure the continued support for the activities of Smee & Ford but to benefit from the services which Millennium provides to a number of major insurance companies".

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For further information, please contact:

Wilmington Group Plc                                                                                              020 7422 6800
Charles Brady, Chief Executive
Basil Brookes, Finance Director

Weber Shandwick Financial                                                                                    020 7067 0700
Nick Oborne or Stephanie Badjonat

Note to Editors

Wilmington Group plc is one of the UK's leading providers of information and training for professional business markets including accountancy and tax; banking; charities; financial compliance; healthcare; insurance; law and pensions. Capitalised at approximately £80 million, Wilmington floated on the London Stock Exchange in 1995.

 

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