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Lavendon snaps up AMP Access
Thu, 02 Sep, 2010
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Lavendon snaps up AMP Access
Wed, 21 Jun 2006, 10:39:00
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Lavendon Group
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Hydraulic lift rental specialist <b>Lavendon Group</b> said today it has bought powered access machines outfit AMP Access Ltd for up to £5.6m.<br /><br />AMP operates a fleet of 525 powered access machines through a network of four depots in the South-West region of the UK, employing 57 people. <br /><br />Lavendon will pay £3m cash on completion, with between £0.3m and £2.6m in cash dependent upon AMP's financial performance over the two years ending 31 May 2008. As part of the transaction, Lavendon will assume AMP's net debt of £2.8m.<br /><br />The unaudited results for AMP for the 12 months ended 31 May 2006 show turnover of £4.9m and profit before tax of £0.6m. <br /><br />Lavendon boss Kevin Appleton said, "AMP has an excellent reputation and holds a strong position in the South West with a number of its customers showing significant growth potential."<br />
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