StockMarketWire.com - Franchise Brands said the second half of the year had started 'encouragingly' amid continued momentum in sales in the third quarter. =

The multi-brand franchisor also said it had acquired Willow Pumps, a water pump supply, installation and servicing business for up to £12.5m.

The acquisition was expected to complement and expand the company's Metro Rod's drainage and plumbing businesses.

Under the terms of the deal, Franchise Brands acquired the entire issued share capital of WPL Group for an initial consideration of £5.0m and a performance-based deferred consideration of up to £7.5m payable over the next five years, the company said.

Willow Pumps, founded in 1992, was a 'leading water pump supply, installation and servicing business, with a below-ground (foul water) and above-ground (fresh water) capability,' the company said.

Franchise Brands also provided an update on trading performance.

The second half of the financial year ending 31 Dec 2019, had started 'encouragingly, with momentum being maintained in Metro Rod's Systems Sales growth with an increase year-to-date of 15% (compared with 6% last year),' the company said.

The company also welcomed the first ever Metro Rod franchisee in Northern Ireland, who began trading on 1 Oct 2019.



At 8:40am: [LON:FRAN] Franchise Brands Plc share price was +7.75p at 90.25p



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