(Alliance News) - Affordable housing services firm Aquila Services Group PLC said Tuesday it acquired education and sports-focused Oaks Consultancy Ltd for GBP1.7 million in cash and shares.
Aquila will buy Oaks for a maximum of GBP1.7 million, following a initial cash payment of GBP201,951. The remainder - dependent on its accounts - will be paid through cash up to 35% of the total including the initial sum, with the remainder in Aquila shares.
"Our strategic business plan is to be the 'one stop shop' for all the professional services needed by our current and future clients operating in our market sector," Aquila Chair Derek Joseph said.
"The acquisition of Oaks, with its established reputation in the education and sports sector, offers these specialisms in areas where we see our core clients diversifying and provides opportunities to grow our key services to clients in these wider sectors," Joseph added. "This is another important step in our business journey."
For the year ended March 2019, unaudited accounts showed Oaks generated pretax profit of GBP253,552 on revenue of GBP908,980.
For the year ended March 2018, Aquila generated GBP528,074 in pretax profit on revenue of GBP5.9 million.
Shares in Aquila Services were untraded in London on Tuesday.
