Latham(James) PLC Acquisition (2551Q)
February 15 2019 - 8:30AM
UK Regulatory
TIDMLTHM
RNS Number : 2551Q
Latham(James) PLC
15 February 2019
James Latham plc
("James Latham" or "the Company")
Acquisition
James Latham is pleased to announce that it has acquired the
entire issued share capital of Abbey Wood Agencies Limited ("Abbey
Woods"), a leading Irish timber merchant and the official
distributor of Accoya wood in Ireland.
The Company has acquired Abbey Woods for an initial payment of
EUR1.825 million with a further payment of EUR300k to EUR400k due
for the net assets subject to completion accounts. In addition, an
earn out of up to EUR400k is payable to the vendors over the next
two years subject to turnover targets being met. The consideration
will be satisfied in cash from the Company's existing
resources.
For the year ended 28 February 2018, the turnover of Abbey Woods
was EUR7.5 million and EBITDA was EUR379k. Founded in 1983, Abbey
Woods specialises in the supply of Accoya, hardwood and softwood
timber, hardwood decking, composite decking, cladding, worktops and
wood components for use in a variety of market segments, from
building and construction to kitchen, furniture and joinery
manufacturer. Abbey Woods operates from sites in Dublin and
Cork.
Commenting on the acquisition, Nick Latham, Chairman of James
Latham, said "We are delighted to have acquired Abbey Woods which
is our first acquisition outside of the UK. There are strong
synergies between the two companies and it complements our existing
business in Ireland that is currently serviced from our Leeds
depot. I look forward to working with the Abbey Woods team."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
For further information please visit www.lathams.co.uk or
contact:
James Latham plc Tel: 01442 849 100
Nick Latham, Chairman
David Dunmow, Finance Director
SP Angel Corporate Finance LLP
Matthew Johnson / Lindsay Mair (Corporate Tel: 0203 470 0470
Finance)
Abigail Wayne (Corporate Broking)
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END
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