StockMarketWire.com - Manufacturing group PipeHawk said it had acquired loss-making company Wessex Precision Instruments for a nominal sum of £1.

Wessex produced a range of equipment for testing the slip resistance characteristics of aggregates used in public areas, including supermarkets and around swimming pools.

'The board believes that the Wessex business presents a number of synergistic cost saving opportunities for the company and will complement the company’s subsidiary QM Systems and its existing portfolio of test and measurement equipment,' Pipehawk said.

In the year ended 31 March 2019, Wessex recorded unaudited revenues of about £340k and an unaudited pre-tax loss of about £6k.

It had net liabilities of about £52k at the end of March.

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