Castleford Firm Continues Acquisitions in Run up to Christmas
Wed 11 Nov 2015
PTSG has continued its pre-Christmas shopping spree with its third acquisition in six weeks, buying a West Midlands electrical safety testing company.
The Castleford business, which floated on the stock market in February, has paid £700,000 for Langston Jones.
Paul Teasdale, chief executive of PTSG, said:
"This is a highly complementary acquisition, which instantly expands the Group's client base into new geographical territories and provides another key office location, the West Midlands, from which to grow our business."
It follows the £1.1m cash purchase of Essex firm JW Gray and the acquisition of Integral Candles in London in a deal worth up to £4.0m.
Coventry-based Langston Jones carries out portable appliance testing (PAT) as well as thermal imaging and emergency light testing, and will be integrated into PTSG's electrical services division. Its owner is retiring with the rest of the senior management team movig over to PTSG.
Langston Jones generated revenues of £1.0m in the year to March 2015, and the purchase price includes the firm's £400,000 cash balance.
Mr Teasdale added:
"Langston Jones also brings additional expertise and knowledge to our existing portfolio of electrical testing services with its bias towards portable appliance testing, whereas PTSG's focus has historically been on electrical installation testing."
PTSG's market value has increased 84% since its flotation, to £82.8m, at last night's close of 92.7p.