Interserve has acquired Business Employment Services Training Limited (BEST), a major UK provider of training and development for job-seekers and employers.
Interserve, the FTSE 250 support services and construction company, has paid an initial consideration of £17.5m from its existing cash and debt facilities to fund the acquisition, which has been made to broaden its range of front-line services, particularly in the Department of Work and Pensions' Work Programme (DWP).
A further consideration of £0.75m is payable once the completion of accounts has been agreed.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BEST's pro forma annual revenue is £17m, generating operating profit of £3m, while its gross assets are valued at £2m, the statement from Interserve said. The transaction is expected to boost headline earnings per share in the first full year of ownership.
Adrian Ringrose, Chief Executive of Interserve, said the acquisition of BEST "builds on our existing relationships with both the DWP and the community in Leeds and the surrounding area, provides a foundation for offering more broadly-based community services and enhances our role in training and skills development."
NR
-
What will 2024 general election mean for UK house prices?UK house prices have been seeing a spring bounce. But has Rishi Sunak’s snap election changed the property market’s outlook?
-
What will the general election mean for your taxes?Taxes are in focus as we race towards the 4 July general election. What can you expect from the two main parties?
