Bilby Plc – Proposed acquisition of P & R Installation Company Limited
Bilby Plc, (“Bilby”), a holding company which has been established to undertake strategic acquisitions in the gas and general building services industries, is pleased to announce the proposed acquisition of P & R Installation Company Limited (“P & R”) via a share for share exchange. Following completion of the acquisition in January 2015, P & R will become a wholly owned subsidiary of Bilby Plc.
P & R is an established and award winning provider of Gas Heating Services and Building Maintenance Services. The company is a profitable, fast growing, high margin and cash generative business. For the nine months ended 31 October 2014 P & R generated revenue of £8.67 million (YE 31 January 2014: £9.73 million).
Its geographical focus is in London and South East England, predominantly servicing local authorities and housing associations. The business benefits from a centralised cost base, while its location provides access to larger contract opportunities. Headquartered in Sidcup Kent, P & R currently employs c.100 staff.
On the acquisition, Darren Dunnett, Managing Director of Bilby plc, said: “The acquisition of P & R is a perfect fit for Bilby as part of our wider strategy to build a market leading building services Group that will benefit from the continued demand for public sector housing. In order to accelerate our growth, and to access larger tender contract opportunities which offer predictable contracted revenue with sustainable margins, we will continue to identify acquisition or merger opportunities as part of our buy-and-build strategy.”
For further information please contact:
- Bilby Plc Telephone: +44 20 8300 0300
- Darren Dunnett - Managing Director
- David Ellingham - Finance Director
- Hudson Sandler Telephone: +44 20 7796 4133
- Charlie Jack
- Emily Dillon
- Charles Stanley Securities Telephone: +44 20 7149 6000
- Russell Cook
- James Greenwood