Castleford’s PTSG completes double acquisition of South Yorkshire businesses

Premier Technical Services Group PLC (PTSG), based in Castleford, has completed the acquisition of two businesses - Access Contracting Limited and Lightning Protection Testing Limited.

The niche specialist services provider purchased Access Contracting, a specialist in the maintenance, inspection, testing, repair and installation of permanent façade access equipment and fall arrest systems, based in Sheffield, for a maximum cash consideration of £1.3m, comprising an initial payment of £1.0m and a maximum of £300k in deferred payments over three years.

Unaudited revenue of Access Contracting for the year ended 31 March 2015 was £1.4m, delivering an aggregate profit before tax of £300k and unaudited net assets were £500k.

PTSG inherited the cash balances of Access Contracting at completion, totalling circa £300k.

In addition, PTSG acquired Lightning Protection Testing Limited, a tester, repairer and maintainer of lightning protection and earthing systems, also based in Sheffield, for a total consideration of £300k, payable in cash on completion.

Unaudited revenue of LPT for the year ended 31 December 2014 was £200k, producing a profit before tax of £100k and unaudited net assets were £100k.

Access Contracting will be integrated within PTSG’s Access and Safety Division and LPT into PTSG’s Electrical Services Division.

Nick Hayes, a joint-vendor of both Access and LPT, will remain with the Group and work with PTSG’s management team to grow and expand the acquired businesses. A large percentage of both businesses’ work is recurring compliance testing and maintenance work. This very much complements and fits with the existing market leading PTSG model.

Paul Teasdale, CEO of PTSG, said: “We warmly welcome Access Contracting and LPT to the PTSG Group. Both businesses are well established and respected in the UK and their addition to the Group will further increase our market share in their respective specialisms. We have always considered Access Contracting to be an excellent business with a first class team of people. We look forward to working with Nick Hayes and his colleagues on growing the business and expanding the Group’s activities in these key areas.”