Mears Regulatory News (MER)

7 Jun 2007 07:03

Mears Group PLC07 June 2007 Mears Group PLC Acquisition of Britannia Care 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 Lancashire based Claremont Golcar Ltd trading asBritannia Care (Britannia) for a maximum consideration of £1.1 million in cashpayable from existing resources. This comprises an initial payment of £0.82million followed by a maximum deferred payment of £0.28 million conditional uponBritannia achieving agreed performance targets over the next 12 months. Britannia operates from offices in Bacup, Lancashire, servicing contracts withLancashire County Council and Rochdale MBC. The accounts for Britannia for theyear ended 31 July 2006 show an operating profit of £223,000 on turnover of£824,000 and net assets of £334,000. Mike Rogers, Chairman of Careforce, commented: "Britannia currently deliversapproximately 1,400 hours per week and employs approximately 60 carers. This isour first acquisition since Mears acquired Careforce and we are pleased to becontinuing with our policy of consolidation within the industry. The acquisitionof Britannia strengthens our position in South East Lancashire and extends ourgeographical coverage in to a new local authority area of Rochdale." For further information, please contact: Careforce Group Mears Group PLC Mike Rogers, Chairman Bob Holt, Chairman John Coleman, Finance Director David Robertson, Finance Director Tel: 01438 310600 Tel: 07778 798816 - Bob Holt 07887 705357 - David Robertson www.careforcegroup.co.uk www.mearsgroup.co.uk This information is provided by RNS The company news service from the London Stock Exchange