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Bids, Mergers and Takeovers

1pm acquires Bell Finance Ltd for up to £3.4m

11 April 2017 07:24

1pm Plc has today acquired the entire issued share capital of Bell Finance Ltd for up to £3.4m in cash and shares.

Bell was FCA registered with a current loan book comprising more than 400 live agreements amounting to £10.3m of receivables, including £2.3m of unearned interest.

Consideration comprised £2.3m in cash payable at completion, including £0.3m placed in escrow for up to six months, to be released on achievement of certain integration milestones.

There was also a further £0.3m of deferred cash over three years, and an earn-out of £0.8m comprising £0.6m worth of 1pm shares at 66.7p each and £0.2m in cash, conditional on the achievement of trading forecasts over the three-year period following completion.

1pm intended to merge the operations of Bell into those of its existing subsidiary Bradgate Business Finance Ltd, itself acquired in March 2016.

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