Photo-Me International PLC
11 July 2005
PHOTO-ME INTERNATIONAL PLC
Expansion of UK Kiddie Ride Activities
PMI, the FTSE 250 digital imaging company, announces that it has acquired
certain assets of R G Mitchell Limited, making it by far the UK's leading
operator of kiddie rides, with over 5,000 sited.
Serge Crasnianski, PMI's CEO, stated 'As photobooths (of which PMI is by far the
UK market leader, with 5,600 sited) and kiddie rides are often located
adjacently, the acquisition will leverage off PMI's unrivalled UK maintenance
and cash collection infrastructure and its relationships with site owners.'
The assets acquired include 3,130 sited and 350 unsited kiddie rides, a 34,000
sq ft freehold factory in Skegness, Lincolnshire, plant and equipment, and
intellectual property. R G Mitchell's 80 employees have transferred to the PMI
group.
The consideration for the R G Mitchell assets is £3.9m in cash, of which £0.9m
deferred over three years.
In May 2005, PMI acquired Jolly Roger (Amusement Rides) Limited, with its kiddie
ride manufacturing business, 15,000 sq ft freehold factory near Louth,
Lincolnshire, and net cash balances of £1.0m. Jolly Roger's 640 sited kiddie
rides had been purchased previously in July 2004. The aggregate consideration
for the Jolly Roger businesses was £2.4 m.
The manufacturing activities of R G Mitchell and Jolly Roger, whose premises are
both situated in Lincolnshire, will be run under common management. Kiddie Rides
will be manufactured for operation by PMI in the UK, PMI's overseas subsidiaries
and third parties, primarily overseas.
Notes for Editors:
PMI now has over 31,000 vending machines worldwide - over four-fifths of them in
the UK, France and Japan - including approximately 20,000 photobooths.
On 21 June 2005, PMI announced its results for the year ended 30 April 2005,
with pre-tax profit up 62% to £34.5m - a record by a wide margin - before an
exceptional charge of £0.8m and a goodwill amortisation charge of £0.7m.
Enquiries:
Photo-Me International 01372-453 399
Vernon Sankey (Chairman)
Serge Crasnianski (CEO)
Robert Lowes (Company Secretary)
Bankside Consultants
Charles Ponsonby 020-7367 8851 / 07789-202 312
This information is provided by RNS
The company news service from the London Stock Exchange
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