Mears Regulatory News (MER)

14 Feb 2008 07:01

Mears Group PLC14 February 2008 14 February 2008 Mears Group PLC Acquisition of Seraph Ltd Mears Group PLC announces that its subsidiary Careforce, one of the UK's leadingproviders of domiciliary care services, has completed the acquisition of theentire issued share capital of Darlington based Seraph Ltd for a totalconsideration of up to £2.0 million in cash payable from existing resources.This comprises an initial payment of £1.75 million followed by a deferredpayment of up to £0.25 million conditional upon achievement of agreedperformance targets over the 12 months following completion. Seraph operatesfrom offices in Darlington servicing contracts with Stockton Borough Council,Middlesbrough Council and Darlington Borough Council as well as private clients. Mike Rogers, Chairman of Careforce, commented: "Seraph currently delivers approximately 3,500 hours per week and employs over100 carers. This is our ninth acquisition and seventeenth new branch since Mearsacquired Careforce in April 2007. The acquisition of Seraph extends ourgeographical coverage into the North East and gives access to several new localauthorities." For further information, please contact: Mears Group PLCBob Holt, Chief Executive Tel: 07778 798 816Mike Rogers, Executive Director Tel: 01438 310600David Robertson, Finance Director Tel: 07887 705357Andrew Smith, Executive Director Tel: 07712 866461 Threadneedle CommunicationsTrevor Bass/Alex White Tel: 020 7936 9666 Nominated adviser to Mears Group PLC - InvestecKeith Anderson/Michael Ansell Tel: 020 7597 5970 This information is provided by RNS The company news service from the London Stock Exchange