Acquisition

21 Jun 2005 07:00

Formation Group PLC21 June 2005 21 June 2005 FORMATION GROUP PLC ACQUISITION Proactive Sports Management (UK) signs up Urquhart as part of continued growth strategy Formation Group PLC ("Formation" or the "Group"), a leading integrated sportsmanagement and marketing business, is pleased to announce that its subsidiaryProactive Sports Management (UK) ("Proactive"), has acquired the trade andassets of George Urquhart Associates which is headed by George Urquhart, a UKlicensed agent, who will be joining Proactive with immediate effect. Proactive will pay an initial consideration of £150,000, together with deferredconsideration of up to £770,550, which is contingent on the financialperformance of the business over the next three years. Currently, GeorgeUrquhart Associates represents five players all of whom will transfer to theProactive stable with immediate effect. This latest acquisition will add furtherscale and substance to the UK representation business of Proactive and, theaddition of George Urquhart, will mean that the company will have a total ofseven UK licensed agents. For the year ended 31 March 2004 George Urquhart Associates had turnover of£82,346 and a profit before taxation of £38,765. George Urquhart is 55 years of age and has a track record of working in thesporting and representation arena. He is a former professional football player,who played for Wigan and St. Mirren amongst others, prior to establishing hisown management company. The acquisition of the Urquhart business continues the strategic growth ofProactive Sports Management (UK) which has recently acquired Wroe SportsManagement. The two acquisitions bring to 115 the number of footballersrepresented by the company. The Group now represents 239 footballers globally. Neil Rodford, Chief Executive Formation Group PLC, commented: "I am delighted that George has chosen to join our organisation. He has anexcellent track record having worked in the game at the highest level, and addsa depth of experience, both domestically and internationally, to our operation.I look forward to working with him." George Urquhart added: "Following 8 years trading on my own, I felt that the interests of my businessand in particular its clients would be best served by joining a largerorganisation. Proactive, as a market leader, was an obvious fit and I greatlylook forward to working with them." For further information, please contact: Formation Group plc Tel: +44 (0)1625 539832Neil Rodford, Chief Executive ICIS Ltd Tel: +44 (0)7802 442486Archie Berens This information is provided by RNS The company news service from the London Stock Exchange