14 Feb 2011 07:00
14 February 2011 RIVINGTON STREET HOLDINGS PLC PLUS: RIVP ("RSH" or "the Company") Acquisition of First Artist Corporation's Events Division
The Board of Rivington Street Holdings, the PLUS quoted conglomerate, is pleased to announce that ExEvents Ltd, a subsidiary of RSV, an Isle of man based division of Rivington Street Holdings plc ("RSH") has agreed with First Artist Corporation Plc ("First Artist") to acquire its entire Event Management Division - The Finishing Touch ("FT").
HIGHLIGHTS
* RSV will purchase the entire issued equity share capital of FT for a consideration of £101,000 in cash, which was paid on completion on 11 February and 50% of the profits attributable to existing FT customers over the next three years. * In the year to November 30th 2010 FT generated a pre-tax loss of £200,000 on sales of £2.4 million. RSH believe that as a result of tighter cost management within FT and the synergies creating it by merging it with its own ExEvents and Presentation Matters businesses this transaction will rapidly add value to the enlarged group.
RSH's Chief Executive Officer Tom Winnifrith commented:
"We are delighted with this latest acquisition. FT will be a great addition to our growing events division -it has a great track record and a blue-chip customer base and the management team of ExEvents is capable and incentivized to take this enlarged unit forward rapidly."
The Directors of the issuer accept responsibility for this announcement.
-ENDS-
Enquiries:
Rivington Street Holdings PlcTom Winnifrith, CEO 01624 676848VSA Capital LimitedPeter Damouni, Charlie Wilson 0203 005 5000Bishopsgate CommunicationsLaura Stevens,Giang Nguyen 020 7562 3350
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