Price tag up to £350,000
THB has acquired Property Risk Management (PRM).
THB Group chief executive, Frank Murphy, said: “This acquisition is an excellent complement to our existing risk management services. We have already invested in this sector with the acquisition of Cardinus in 2007 and now, with PRM, we see exciting opportunities for the further growth of the merged operations.”
THB will pay up to £200,000 in cash, plus up to £150,000 in new THB Ordinary Shares of 10p each (to be issued at 75p, the average closing share price on the three days preceding completion), depending upon PRM’s performance up to 30 April 2010. It will also pay an earnout based on PRM’s performance to 31 October 2014.
PRM launched in 2008, providing risk management services to owners and operators of UK commercial and residential properties. It made an unaudited profit before tax of £6,400 in the eight months to 30 April 2009 and had unaudited net assets of £6,500.
PRM will form part of THB’s Risk Management division, which helps commercial clients manage their motor fleet, ergonomic, environmental, health and safety and property risks.