Acquisition of Complete Care and Pooks Care Ltd is announced
12 December 07
The Company will be holding a briefing for sector analysts at 10.30am this morning at the offices of Investec, 2 Gresham Street, London EC2V 7QP. At the briefing, Bob Holt, David Robertson and Andrew Smith will report that
trading for the year ending 31 December 2007 is in line with management's expectations and give a presentation on the Company's activities.
They will make reference to two recent additions to the Company's Care Division, namely the acquisitions of Complete Care and Pooks Care Ltd. The Complete Care business operates from offices in the Wirral servicing contracts with Wirral Borough Council and Cheshire County Council as well as private clients. Pooks Care Ltd operates from seven offices in the Midlands and Home Counties providing care services to thirteen Local Authorities, twelve of which are new to Careforce. These two acquisitions were acquired from private individuals for a total consideration up to a maximum of £5.9 million in cash payable from existing resources. This comprises initial payments of £4.2 million followed by deferred payments of up to £1.7 million conditional upon the achievement of agreed performance targets over the 18 months following completion. The addition of these eight branches has increased the volume of hours delivered per week by 10,500 and introduced an additional 410 carers to the Group.
Back