EQI EQ Grp

RNS Number:0784P
e-quisitor PLC
21 December 2001


21 December 2001

                                E-QUISITOR PLC

                ACQUISITION OF BUCKINGHAM RESEARCH ASSOCIATES


e-quisitor plc ("e-quisitor"), the AIM listed company established by Gartland
Whalley and Barker plc to acquire controlling interests in profitable
"information-oriented" businesses, today announces the acquisition of the
entire issued share capital of Buckingham Research Associates Limited 
("Buckingham Research Associates").


Buckingham Research Associates, based in Cookham, Berkshire, provides business
intelligence services to a range of blue chip clients in the UK.  These
services include consumer research, data mining, brand modelling, customer
satisfaction analysis and employee research.


The initial consideration is #2,820,000, of which #2,700,000 has been paid on
completion, satisfied by the allotment of 843,750 fully paid ordinary shares
of 10p each in e-quisitor credited as fully paid together with a premium of 
#1.50 per share (the "Initial Consideration Shares"), the issue of bank
guaranteed loan notes to the value of #984,000, with the balance (less an
adjustment of #116,000 in respect of the ongoing working capital needs of the
business) paid in cash. Until shortly before completion, the business of
Buckingham Research Associates was carried on as a partnership, with the
partnership business having been acquired by Buckingham Research Associates
Limited (which was previously a dormant company and has never previously
traded) on 19 December 2001.


Application has been made for the Initial Consideration Shares to be admitted
to AIM and dealings in such shares are expected to commence on Monday 24th
December 2001.


The balance of the initial consideration amounting to #120,000 will be paid
subject to the achievement of minimum performance targets for the 12 months to
31 March 2002 and will be satisfied by the allotment of e-quisitor shares and
the issue of bank guaranteed loan stock in equal proportions. Further
consideration of up to #3,880,000 in aggregate may be payable in relation to
outperformance for the 12 month period to 31 March 2002, and in relation to
the 12 month periods to 31 March 2003, 31 March 2004 and 31 March 2005,
subject to performance targets being achieved. Any further consideration
payable in relation to the three later periods will not be satisfied until
after 31 March 2005. All amounts of further consideration will be satisfied in
bank guaranteed loan notes and e-quisitor shares (in equal proportions),
although, at its option, e-quisitor may satisfy up to 100% of such further
consideration in bank guaranteed loan notes.


In the twelve months to November 2001, the business made operating profits
before interest and tax of approximately #470,000 (adjusted to reflect the
salary costs of the managing director, who was formerly a partner in the
business) derived from the unaudited management accounts of the business.  The
net assets of Buckingham Research Associates at completion are estimated at 
#61,000.


Commenting, Bob Bond, Chief Executive of e-quisitor said:

"Buckingham Research Associates has assembled a team of professionals that can
provide its clients with intelligent insights into consumer behaviour, either
through research or by "mining" very large volumes of consumer-related data,
such as "point-of-sale" or loyalty card data."

"This is market research but not in the traditional sense, increasingly the
Buckingham Research Associates team are producing mathematical models to help
marketing professionals and budget holders quantify the impact of new product
launches, product enhancements and re-branding. These techniques help
marketeers to direct their marketing budgets with pinpoint accuracy."

"To date, e-quisitor's acquisitions have focused on profitable businesses
engaged in television (TVI) and radio (Broadnet). As the scope of these media
broadens to allow greater interactivity and possibly one-to-one communication
it will be imperative that the broadcaster or service provider has a clear
understanding of the individual needs of their audience. This is where
organisations like Buckingham come into play.  Buckingham has the expertise to
create detailed insights into consumer behaviour, thereby ensuring that what
you want you really get!"

He continued:

"Since e-quisitor's inception we have clearly stated our intention to build a
group of profitable "information oriented" businesses.  Despite tough economic
conditions during 2001, we have continued to deliver on this promise.
Furthermore, we are now well positioned to maintain our momentum as we move
into 2002."


For further information

e-quisitor                                                     Keeley Middleton
Bob Bond, Chief Executive                                     Binns & Co PR Ltd
Tel: 01422 301918 or                                      Tel: 0113 242 1171 or
07747 032478                                                      07967 816 525

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