PipeHawk Regulatory News (PIP)

PipeHawk Plc - Acquisition of Wessex Precision Instruments Limited

PR Newswire

London, October 15

 16 October 2019

PipeHawk plc

("PipeHawk" or the "Company")

Acquisition of Wessex Precision Instruments Limited

PipeHawk is pleased to announce that it has acquired the entire issued share capital of Wessex Precision Instruments Limited (“Wessex”) for a consideration of £1 (the “Acquisition”). Wessex produces and sells a range of equipment for testing the slip resistance characteristics of aggregates used in public areas, including in supermarkets and around swimming pools. The Board believes that the Wessex business presents a number of synergistic cost saving opportunities for the Company and will complement the Company’s subsidiary QM Systems and its existing portfolio of test and measurement equipment. 

In the year ended 31 March 2019, Wessex recorded unaudited revenues of approximately £340,000 and an unaudited loss after tax of approximately £61,000. As at 31 March 2019, Wessex had net liabilities of approximately £52,000.

Gordon Watt, Chairman of PipeHawk, commented: “I am delighted that PipeHawk has acquired Wessex; it has a world class reputation in an area of health and safety that is becoming increasingly prominent. Wessex will further benefit from PipeHawk’s marketing and technological expertise.”

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Notes to Editors

For further information on the Company and its subsidiaries, please visit: www.pipehawk.com