LONDON (ShareCast) - (ShareCast News) - Sports leisure company Tandem Group said it has finalised the terms for the acquisition of Airwave, Windbar, Jack Stonehouse and Carpzone brands operator ESC.
As result of the purchase, the London-listed group said it will have to pay a further £300,000 as initial consideration, having previously indicated it would make a £2.1m upfront payment followed by a further payment worth up to £750,000 to be made over the next 12 months based on ESC meeting profit targets.

In the 10 months to 1 September, ESC posted revenue of £6.3m and profit of £0.8m, while net assets were £1.8m.

Tandem Group shares were up 7.61% to 178.90p at 1039 BST on Thursday.

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