LONDON (Alliance News) - CEPS PLC on Tuesday said it will acquire a 70% stake in a new company created to buy the entire share capital of Aford Awards Ltd for GBP1.5 million.
CEPS said it has acquired the stake in Aford Awards (Holdings) Ltd, incorporated in order to complete the acquisition of Aford Awards, the sports trophy and engraving company.
CEPS will subscribe GBP770,000 into the new company to buy shares, acquisition loan notes and shareholder loan notes, with the latter two at an 8% interest rate.
The Ford family, which is selling the business, will get GBP1.5 million at completion.
CEPS shares were untraded on Tuesday and last traded at 37 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Ceps (CEPS)