Interserve acquires welfare-to-work business
Interserve has acquired Business Employment Services Training Limited (BEST), a major UK provider of training and development for job-seekers and employers.
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.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves urged to axe stamp duty from UK shares held in an ISAChancellor Rachel Reeves is reportedly considering axing stamp duty from UK shares held in stocks and shares ISAs. What could it mean for your portfolio?
-
Family investment companies explained: how the ultra wealthy shield their money from the taxmanWealthy families are increasingly turning to family investment companies to keep more of their money away from HMRC – but what are these arrangements and how do they work?
