StockMarketWire.com - 1pm Plc has today acquired the entire issued share capital of Bell Finance Ltd for up to £3.4m in cash and shares.
Bell was FCA registered with a current loan book comprising more than 400 live agreements amounting to £10.3m of receivables, including £2.3m of unearned interest.
Consideration comprised £2.3m in cash payable at completion, including £0.3m placed in escrow for up to six months, to be released on achievement of certain integration milestones.
There was also a further £0.3m of deferred cash over three years, and an earn-out of £0.8m comprising £0.6m worth of 1pm shares at 66.7p each and £0.2m in cash, conditional on the achievement of trading forecasts over the three-year period following completion.
1pm intended to merge the operations of Bell into those of its existing subsidiary Bradgate Business Finance Ltd, itself acquired in March 2016.
Story provided by StockMarketWire.com
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