16 October 2019
PipeHawk plc
("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.”
Enquiries:
PipeHawk Plc
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