Last checked at 1 Dec 2009 07:00
FOR IMMEDIATE RELEASE 1 December 2009
Managed Support Services plc
ACQUISITION OF STATUS BUILDING SERVICES GROUP
Managed Support Services plc ("MSS") is pleased to announce that it has acquired the Status Building Services group ("Status") for a total consideration of £3.7 million in cash, of which £0.7 million is payable in mid 2010. The companies acquired are Status Building Services Ltd, Status Electrical Services Ltd and Status Fire Protection Ltd.
The latest management accounts for the nine months to 30 September 2009 indicate that Status had net assets of approximately £100,000, an annualised turnover of approximately £8 million and profit before tax of approximately £360,000.
Status provides a range of technical building services directly to building owners or to managing agents. Its customer base is primarily located in London and the South East where geographic density enables operational efficiencies. Some 50 per cent. of revenue is contracted maintenance revenues with the balance being additional works and small projects. The services provided by Status are similar to those already offered by the MSS Facilities division and we believe that this will allow the Group to generate efficiencies and improvements in customer service.
Status is being acquired from the current owner/managers who have developed and grown the business over the last 13 years. The vendors will leave the business after a short handover period.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| Managed Support Services plc: | |
| Simon Beart, Chief Executive | 07710 444370 |
| Cenkos Securities plc: | |
| Nick Wells | 020 7397 8900 |
| Stephen Keys | |
| Buchanan Communications: | |
| Richard Darby | 020 7466 5000 |
| Nicola Cronk |