News blog
PSG Solutions
- BY: Andrew Hore |
- POSTED: 20/10/2009 |
Property search business PSG Solutions is buying one of its franchisees.
PSG is paying £375,000 in cash and 350,000 of its shares for Chalenor Legal Services and Yorkshire Home Inspections. The two businesses operated the Doncaster PSG property search franchise. They generated revenues of £900,000 in the year to March 2009.
The acquisition will be earnings enhancing.
The Doncaster franchise has been merged with the PSG’s Huddersfield operation. An upturn in the housing market would be good news for the PSG business but it is managing to remain profitable.
PSG had net cash of £3.2m at the end of £3.2m at the end of March 2009. It could use more of this cash to buy other franchisees.
At 22p a share, PSG is valued at £5.62m. The share price is half what it was one year ago.
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