(Alliance News) - Small-to-medium-sized business investor CEPS PLC said Monday it has acquired a 90% stake in UK gymnastics costume manufacturer Milano Pro Sport for GBP1.9 million, through subsidiary Signature Fabrics Ltd.
Signature Fabrics is a UK-based lycra swimwear and dancewear company, which trades as Friedman.
The deal was funded through a GBP1.0 million contribution from CEPS, and GBP700,000 from Friedman.
CEPS believes the acquisition will be a "valuable addition".
For the year to the end of May 2018, Milano reported pretax profit of GBP92,881, on revenue of GBP1.7 million. For its most recently ended financial year, Milano's trading performance and net assets were in line with management expectations.
Shares in CEPS were untraded on Monday, last quoted at 30.00 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Ceps (CEPS)