Chime Communications PLC has acquired 51% of the share capital of Harvey Walsh Limited, a company providing market access and data services to the pharmaceutical industry and the NHS, for an initial consideration of £2.19 million.
The initial consideration comprises £2.1 million in cash and a further £90,000 in cash representing 51% of working capital of HWL at acquisition which is surplus to requirements after HWL joins the Group. A further tranche of the initial consideration of up to £1.9 million may be payable depending upon the trading performance of HWL in 2012 and 2013.
HWL reported turnover of £1.6 million for the 14 months ended 31 December 2011 and operating profit of £517,000. The gross assets of HWL were £660,000 as at 31 December 2011.
Chime is acquiring the interest in the business from HWL’s two owner directors; Sue Beecroft and Julia Wilkins. Following completion, Sue and Julia will continue to develop HWL as part of Chime’s healthcare division, OPEN Health. HWL’s clients include: Lilly, Napp and Sanofi.
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