LONDON (Alliance News) - Tandem Group PLC on Thursday said the completion accounts for the acquisition of ESC (Europe) Ltd have been finalised, and it must now pay a further GBP300,000 in initial consideration for the purchase as a result.
The sports, leisure and mobility equipment developer said the completion accounts show that ESC's net assets were GBP1.8 million at September 1, while revenue for the 10 months to the same date was GBP6.3 million and net profit was GBP800,000.
ESC's unaudited statutory accounts for the year ended October 31, 2014, also were verified, showing net assets of GBP1.1 million and a net profit of GBP500,000.
Tandem said that in accordance with the share purchase agreement, an additional initial consideration of GBP300,000 is now payable.
It had said previously that after a GBP2.1 million upfront payment, it would pay up to a further GBP750,000 over the next 12 months based on ESC meeting profit targets.
ESC is an online retailer of gazebos, party tents, household kitchen and fishing products. It operates the Airwave, Windbar, Jack Stonehouse and Carpzone brands.
Shares in Tandem were trading up 4.4% at 173.50 pence Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Tandem Group (TND)