Wilmington Group Plc, the professional information and training group, has aquired the business and certain assets of Millennium ADMP Ltd which is in administrative receivership (the “Business”), for a cash consideration of £465,000.
The Business was acquired by Wilmington Millennium Ltd, a wholly owned subsidiary of Wilmington formed for the purpose of making the acquisition. Wilmington will fund the consideration from existing debt facilities.
The Business provides information and services to the insurance market and provides data and sales services to Smee & Ford Ltd another wholly owned Wilmington subsidiary. During the year ended 30 June 2011, the Business made profits before interest, tax and amortisation of £0.4 million on turnover of £5.9 million. The Business has gross assets of approximately £0.9 million.
Charles Brady, CEO of Wilmington, commented “We are pleased to have been able to rescue one of our trading partners and secure the continuing employment of their staff. For Wilmington the acquisition represents an opportunity not only to secure the continued support for the activities of Smee & Ford but to benefit from the services which Millennium provides to a number of major insurance companies”.
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