Agricultural and retail group Wynnstay has whipped out its wallet and bought PSB (Country Supplies), an independent agricultural merchant, based in Gloucestershire.
The expected consideration is £0.5m, of which £0.35m will be paid upfront, with the remainder being tied to the achievement of profit levels.
The acquisition further extends Wynnstay's geographic trading area and farming customer base, as well as adding an additional outlet to the group's Country Store chain. It also continues the group's strategy of acting as a consolidator in the fragmented agricultural supplies sector.
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Wynnstay intends to integrate PSB into its existing specialist retail business immediately, developing cross-selling opportunities while retaining the PSB trading name.
For the year ended April 30th 2011, PSB generated revenues of £2.9m and adjusted operating profits of £0.06m. Its net assets at completion of the sale are expected to amount to £0.05m.
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