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In-Deed Online
- BY: Andrew Hore |
- POSTED: 15/05/2012 |
Online conveyancing firm In-Deed Online is acquiring conveyancing firm Runnett & Co, which takes it into the top ten in the UK conveyancing market.
In-Deed is a start-up and its progress has been slower than hoped. Revenues were £3,100 in the six months to September 2011. The acquisition will help to build critical mass.
Bridgend-based Runnetts, which also has a London base, generated pro forma revenues of £3.9m and an operating profit of £245,000 in the year to March 2012.
The initial cash payment is £225,000 plus the repayment of directors’ loans of £350,000. The total consideration will be five times average taxed profit over the four years after the takeover is completed. The maximum is £4m.
In-Deed, which was founded by former Rightmove boss Harry Hill and former 3i executive Peter Gordon in 2010, raised £1.58m at 42p a share and joined Aim on 15 June 2011. At 37.5p a share, In-Deed is valued at £7.65m.
Holders of 10,000 or more shares can get a £200 discount on the standard price for conveyancing.
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