Information  X 
Enter a valid email address

Judicium Plc (JUD)

  Print   

Friday 11 March, 2011

Judicium Plc

Acquisition(s)


FOR IMMEDIATE RELEASE 11 March 2011

                                 JUDICIUM PLC                                  

                         ("Judicium" or the "Company")                         

                           Completion of Acquisition                           

The Board of Judicium PLC is pleased to announce the acquisition of UK Work
Permits Limited ("UKWP"), a London based corporate immigration consultancy.
Established in 2003, UKWP has established a strong reputation as a leading
provider of specialist work-related migration advice and assistance to
businesses into the UK and other major countries. Sponsoring clients include
"blue chip" corporate clients, 5-star hotel groups, construction, engineering
firms, consultancy firms, financial institutions, pharmaceutical companies, IT
firms, legal and accountancy firms and many others in a wide range of
industries.

In consideration for 100% of the issued share capital, Judicium has agreed to
pay the existing shareholders of UKWP £300,000 immediately in cash plus a sum
equivalent to the cash within the business, plus £131,250 one year following
the completion of the transaction.

In addition, following the synchronisation of UKWP's accounting year with
Judicium's, the Company will pay a bonus of £37,500 in cash if UKWP achieve a
pre-tax profit of £150,000 or greater in the financial year ending 31 March
2012.

Paul Taylor, UKWP's existing Managing Director, will remain with the business
for a minimum period of three months to supervise the integration of the two
business and the move to Judicium premises. All other staff will remain in
existing roles.

Un-audited accounts for the financial year ending 30 September 2010 show UKWP
declaring a turnover of £445,840 and pre-tax profits of £158,098.

However, like many small enterprises UKWP has hitherto paid directors costs
largely through dividends. Following a re-adjustment for the inclusion of
directors salaries, the Board estimate that acquisition of UKWP will add around
£80,000 to the overall pre-tax profitability of Judicium PLC in the next
financial year.

Commenting on the acquisition, Judicium Chief Executive Leon de Costa said:

"UK Work Permits is a long established business and we are delighted to be
adding a new branch to our portfolio of regulatory compliance services."

Contact:

Leon de Costa, Chief Executive Officer on 020 7336 8403

Roland Cornish and James Biddle, Beaumont Cornish Limited on 020 7628 3396

                                      END                                      


                                                                                                                                                                                         

a d v e r t i s e m e n t