PipeHawk Plc Acquisition of Wessex Precision Instruments Limited

 
TIDMPIP 
 
16 October 2019 
 
                                 PipeHawk plc 
 
                         ("PipeHawk" or the "Company") 
 
              Acquisition of Wessex Precision Instruments Limited 
 
PipeHawk is pleased to announce that it has acquired the entire issued share 
capital of Wessex Precision Instruments Limited ("Wessex") for a consideration 
of GBP1 (the "Acquisition"). Wessex produces and sells a range of equipment for 
testing the slip resistance characteristics of aggregates used in public areas, 
including in supermarkets and around swimming pools. The Board believes that 
the Wessex business presents a number of synergistic cost saving opportunities 
for the Company and will complement the Company's subsidiary QM Systems and its 
existing portfolio of test and measurement equipment. 
 
In the year ended 31 March 2019, Wessex recorded unaudited revenues of 
approximately GBP340,000 and an unaudited loss after tax of approximately GBP 
61,000. As at 31 March 2019, Wessex had net liabilities of approximately GBP 
52,000. 
 
Gordon Watt, Chairman of PipeHawk, commented: "I am delighted that PipeHawk has 
acquired Wessex; it has a world class reputation in an area of health and 
safety that is becoming increasingly prominent. Wessex will further benefit 
from PipeHawk's marketing and technological expertise." 
 
Enquiries: 
 
PipeHawk Plc                                   Tel. No. 01252 338 959 
Gordon Watt (Chairman) 
 
Allenby Capital (Nomad and Broker)             Tel. No. 020 3328 5656 
David Worlidge/Asha Chotai 
 
Notes to Editors 
 
For further information on the Company and its subsidiaries, please visit: 
www.pipehawk.com 
 
 
 
END

(END) Dow Jones Newswires

October 16, 2019 02:00 ET (06:00 GMT)

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