Castleford Group Storms Ahead with Essex Acquisition
30 October 2015
Premier Technical Services Group PLC (PTSG), based in Castleford, has completed the acquisition of JW Gray, a designer, installer and maintainer of lightning protection and earthing systems, for a total consideration of £1.1m, payable in cash on completion.
The unaudited revenue of Essex-based JW Gray for the year ended 31 December 2014 was £1.6m, producing a profit before tax of £0.2m. The unaudited net assets at 31 December 2014 were £0.4m.
PTSG, the niche specialist services provider, inherited the cash balances of JW Gray at completion, totalling around £100k.
Adam Bateman, managing director of JW Gray, will continue in his current role to grow and expand its operations, which will be integrated into PTSG’s Electrical Services Division. The previous owners of JW Gray are retiring.
Paul Teasdale, CEO of PTSG, said:
“We are very pleased to welcome JW Gray, a long established and respected lightning protection business with a significant presence in the M25 ring and London in particular, to the PTSG Group of companies. The acquisition provides a new office for the Group in the South East and strong foundations from which to continue our expansion into the key London market.“