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Baqus

• BY: Andrew Hore |
• POSTED: 04/08/2008 |
• COMMENTS: Add yours

Baqus is acquiring Sworn King for up to £377,000 in cash and shares.

This is the quantity surveyor’s first acquisition since floating at the end of last year. At that time the management said that it wanted to buy two businesses a year. Last week, Baqus announced that it had acquired an option over Liverpool-based Brian Hannaby & Associates. Baqus intends to exercise the option later this year which puts it on course to achieve its target. It is also talking to other potential acquisitions.

Oxford-based Sworn King generated profits of £130,000 on turnover of £799,000 in the year to March 2008. Its main strengths are the education and public sector. Baqus will pay £165,000 up front, £50,000 deferred over two years and £162,000 dependent on performance over a three year period.

Brian Hannaby is attractive to Baqus because it gives it expertise in transport and infrastructure products.

The shares were unchanged at 5.5p after the acquisition was announced. That values the company at £6.19m. Baqus raised £1.75m via a placing at 10p a share when it joined Aim on 14 December 2007.

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