Gateley acquires T-three for ?3.4m
By Iain Gilbert
Date: Friday 13 Dec 2019
(Sharecast News) - Legal and professional services group Gateley said on Friday that it had acquired T-three Group for £3.4m on a debt-free, cash-free basis.
The initial payment on completion will be approximately £3.17m settled 50% in cash and 50% by the issuance of 944,855 ordinary shares of 10p each.
Gateley said staff training company T-three would complement Kiddy & Partners, which the firm acquired in July 2018, and create one of the largest specialist human capital consultancy businesses in the UK.
The AIM-listed firm said T-three was an established, profitable and cash generative business and it would continue to trade under its existing name from its offices in Cambourne.
In the year ended 30 September, T-three generated pro-forma revenues from continuing operations of £4.2m and underlying earnings of £700,000.
Gateley expects the acquisition to be immediately earnings enhancing.
Chief executive Michael Ward said: "We see huge potential from the Acquisition in further expanding our human capital consultancy services, as T-three and Kiddy play to each other's strengths and fit well alongside our legal teams."
At 1135 GMT, Gateley shares were up 0.86% to 175p.
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