LVD.L Regulatory News (LVD)

4 Jun 2007 07:01

Lavendon Group PLC04 June 2007 4 June 2007 LAVENDON GROUP PLC ACQUISITION OF WIZARD WORKSPACE LIMITED Lavendon Group plc ("Lavendon"), Europe's market leader in the rental of poweredaccess equipment, today announces the acquisition of Wizard Workspace Limited("Wizard"). Wizard operates a rental fleet of 1,300 machines in the UK, through a network ofnine depots with a head office in Norwich. The audited accounts for Wizard forthe year ended 31 December 2006 showed a turnover of £8.8 million, a profitbefore tax of £0.6 million, gross assets of £9.7 million and net liabilities of£1.7 million. The consideration payable upon completion is £1.7 million, satisfied in cash.Additional consideration of £0.45 million will be payable in cash by Lavendon on1 June 2008. The consideration will be funded from the Group's existing bankfacilities. As part of the transaction, Lavendon will assume Wizard's net debtof £8.7 million. Lavendon's Chief Executive, Kevin Appleton, commented, "The acquisition ofWizard has brought both a quality rental fleet and an important customer baseinto our UK Group. Wizard's customers should quickly benefit from having accessto the Group's wider product range, greater availability and continuedinvestment in both fleet and systems as we seek to further improve our servicelevels and strengthen our position as the leading supplier of powered accessequipment in the UK ." - ends - For further information please contact: Lavendon Group plc 01455 558874Kevin Appleton, Chief ExecutiveAlan Merrell, Group Finance Director Weber Shandwick Financial 020 7067 0700Terry Garrett / Nick Dibden / Georgia Dempsey This information is provided by RNS The company news service from the London Stock Exchange