Shield Service Group Plc
LSE : SSGP

December 02, 2010 07:25 ET

Acquisition Statement


SHIELD SERVICE GROUP PLC

Acquisition Statement

Shield Service Group Plc ("Shield"), a company whose core business is office cleaning, announces the
completion of the acquisition of the cleaning operations of Calabash South Limited for a consideration of
GBP275,000 of which GBP140,579 is deferred subject to the successful transfer of the contractual
undertakings.

This is a goodwill purchase and the only assets included are cleaning materials and equipment. The goodwill
comprises a number of cleaning contracts in the Hampshire and Dorset areas with an annual turnover of
GBP650,000 but excludes the use of the 'Calabash' name. Calabash South Limited together with their parent
company and Directors have entered into an agreement not to compete with "Shield" within a restricted area
for a period of five years.

It is anticipated that subsequent to integration with our existing business, the operating profit
attributable to the purchase will be in the region of GBP60,000 per annum after amortisation.

This acquisition was funded from existing resources.

Robin Pritchard, Chairman, commented:

"I am delighted that Shield has completed this acquisition which will strengthen our activities in the
Southern Counties"

2 December 2010

Enquiries:

Shield Service Group Plc:                                            07513 296747
Kenneth Macpherson, Non-Executive Director

PLUS Advisor:                                                       020 7251 3762
Alfred Henry Corporate Finance Ltd
Jon Isaacs/Nick Michaels

The Directors accept responsibility for this announcement.





Contact Information

  • Shield Service Group Plc