Acquisition
November 07 2005 - 2:00AM
UK Regulatory
RNS Number:7061T
Vp PLC
07 November 2005
Press Release 7 November 2005
Vp plc
("Vp" or "the Group")
Acquisition of Trax Portable Access Limited (TPA) for #11.5 million
Vp plc, the equipment rental specialist, today announces the acquisition of the
entire issued share capital of Trax Portable Access Limited, for an initial cash
consideration of #11.5 million. Additional consideration up to a maximum of
#7.93 million may be payable dependent upon the financial performance of the
company in each of the three years commencing 1st January 2006, 2007 and 2008.
The management team, who owned a significant minority stake in TPA, will remain
with the business and will continue to be led by Managing Director, Dale
Robinson, who has many years' experience in this sector. The consideration will
be payable from Vp's banking facilities and TPA will operate as a separate
division within Vp.
TPA is a leading supplier of portable roadway systems, bridging, fencing and
barriers primarily in the UK, but also in Ireland and mainland Europe. The
markets served by TPA include the UK and European events market, construction,
telecommunications, rail and power transmission.
For the year ended 31st December 2004, TPA reported profits before tax of #1.16
million on turnover of #6.32 million. Gross and net assets at 31st December
2004 were #8.22 million and #1.56 million respectively.
With over 80 employees and operating from locations in Worksop and London, TPA
has a strong reputation for product innovation, recognised by the securing of
the Queen's Award for Innovation in 2005.
Jeremy Pilkington, Chairman of Vp plc, commented: "TPA is a well run business
led by a management team we believe are capable of developing the business
further. TPA enjoys a strong market position and employs the same core skills
of asset management that are common to all Vp businesses. We believe TPA
represents an ideal sixth business stream to compliment the Group's existing
activities."
Dale Robinson, Managing Director of TPA, said: "TPA has built a successful
business with strong customer support and solid foundations for future growth.
We look forward to working with Vp to build on TPA's success and take the
company to its next stage of development."
- Ends -
For further information please contact:
Vp plc
Jeremy Pilkington, Chairman Tel: +44 (0) 1423 533 445
jeremypilkington@vpplc.com www.vpplc.com
Neil Stothard, Group Managing Director
neil.stothard@vpplc.com
Mike Holt, Group Finance Director
mike.holt@vpplc.com
Abchurch
Sarah Hollins / Henry Harrison-Topham Tel: +44 (0) 20 7398 7700
sarah.hollins@abchurch-group.com www.abchurch-group.com
Notes to Editors:
The principal activity of the Group is equipment rental and associated services
almost entirely conducted within the UK. Vp plc listed on the London Stock
Exchange in 1973. For the year ended 31 March 2005, Group turnover was #90.0
million.
The Group is now focused on six businesses:
TPA
TPA is a leading supplier of portable roadway systems, bridging, fencing and
barriers primarily to the UK market, but also in Ireland and mainland Europe.
For further information, please visit www.tpa-ltd.co.uk
Hire Station
Tools and specialist products for industry, construction and home owners.
Torrent Trackside
Infrastructure equipment and services for the railway renewals and maintenance
industry.
Groundforce
Excavation support systems and specialist products for the water, civil
engineering and construction industries.
UK Forks
Rough terrain material handling equipment for industry, residential and general
construction.
Airpac Oilfield Services
Equipment and service providers to the international oil and gas exploration and
development markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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