4 Aug 2016 13:15
4 August 2016
Rotala plc
("Rotala" or "the Company")
Acquisition in Lancashire
Rotala is pleased to announce the acquisition, from Rojay Services Limited, trading as Wigan Coachways, ("Wigan Coachways"), of its entire business, brand and 8-strong vehicle fleet for a cash consideration of £213,000. The Company estimates that the Wigan Coachways business has annual revenues of approximately £500,000 and that its vehicle fleet has a fair value of approximately £58,000. Rotala will not assume any other assets or liabilities of any materiality on acquisition. On this basis the Acquisition is expected to generate about £150,000 of positive goodwill on consolidation.
The acquisition is the second to be completed by the Company in the Lancashire area within the past month, following the acquisition of the fleet and business from Elite Minibus and Coach Services Limited ("Elite"), as announced on 12 July 2016. Like Elite, Wigan Coachways is a well-established operator of contracted services for local authorities and engages in some private hire operations. The Company will integrate the business of Wigan Coachways and its staff, into Rotala's existing depot in Atherton, Greater Manchester. This acquisition will broaden the range of services which Rotala is able to offer in this area of Lancashire and add to its geographical reach.
For further information please contact:
Rotala Plc | 0121 322 2222 |
John Gunn, Chairman | |
Simon Dunn, Chief Executive Officer | |
Kim Taylor, Group Finance Director | |
Nominated Adviser & Broker: Cenkos Securities plc |
020 7397 8900 |
Stephen Keys/Callum Davidson (Corporate Finance) Michael Johnson/Julian Morse (Corporate Broking)
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