16 October 2019
("PipeHawk" or the "Company")
Acquisition of Wessex Precision Instruments Limited
PipeHawk is pleased to announce that it has acquired the entire issued share capital of Wessex Precision Instruments Limited (“Wessex”) for a consideration of £1 (the “Acquisition”). Wessex produces and sells a range of equipment for testing the slip resistance characteristics of aggregates used in public areas, including in supermarkets and around swimming pools. The Board believes that the Wessex business presents a number of synergistic cost saving opportunities for the Company and will complement the Company’s subsidiary QM Systems and its existing portfolio of test and measurement equipment.
In the year ended 31 March 2019, Wessex recorded unaudited revenues of approximately £340,000 and an unaudited loss after tax of approximately £61,000. As at 31 March 2019, Wessex had net liabilities of approximately £52,000.
Gordon Watt, Chairman of PipeHawk, commented: “I am delighted that PipeHawk has acquired Wessex; it has a world class reputation in an area of health and safety that is becoming increasingly prominent. Wessex will further benefit from PipeHawk’s marketing and technological expertise.”
Gordon Watt (Chairman)
|Tel. No. 01252 338 959
|Allenby Capital (Nomad and Broker)
David Worlidge/Asha Chotai
|Tel. No. 020 3328 5656
Notes to Editors
For further information on the Company and its subsidiaries, please visit: www.pipehawk.com