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.
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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.
JH
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