gimme last bit4 Mar 2010 10:37
Acquisition of new contracts
Highlights:
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Acquisition of contracts worth £10m per annum for a total cash consideration of £99,000
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Contracts acquired from administrators of Craft Services Group
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Acquisition makes SectorGuard a top 10 provider in UK manned guarding
SectorGuard plc has, through its 100% owned subsidiary Legion Services Limited, acquired the contracts of Craft Services Group Limited (in administration) for a consideration of £99,000. The contracts with an annual value of £10m provide security and facilities services to shopping centres, property groups and commercial organisations.
This addition further strengthens SectorGuard's market share within these sectors following quickly on from the Legion Group plc acquisition.
Some 400 employees of Craft Services Group Limited have transferred (under TUPE conditions) over to Legion Group plc along with a number of the management team.
SectorGuard plc is now a Top 10 provider of manned guarding within the UK and has over 3,200 employees group-wide. The Company will continue with its integration plan of both business units and has identified approximately £3m of consolidation savings per annum in the process.
The integration process will be completed by the end of May 2009.