Lords has announce that it is to purchase the remaining 25% minority shareholding in its existing subsidiary business Hevey Building Supplies.
The company, which originally purchased a 75% interest in Hevey in October 2017, will now acquire the Minority Interest for £6.2 million in cash, with 40% payable on completion of the acquisition of the Minority Interest and the remaining 60% paid as fixed deferred consideration in seven equal quarterly instalments over the next two years.
The consideration payable for the Minority Interest is in line with management expectations since IPO and will be funded from the Company’s existing resources.
The purchase of the Minority Interest is expected to deliver further strong returns on investment.
