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Norish

  • BY: Andrew Hore |
  • POSTED: 08/10/2012 |

Cold store operator Norish has completed the takeover of meat trader Townview Foods.

The initial payment was 750,000 plus net asset value - 2.27m at the end of March 2012. Norish will pay an additional 50% of earnings before interest and tax in each of the next five years. The maximum total consideration will be 8.25m.

In the year to March 2012, Townview made an operating profit of 990,000 on revenues of 16.2m. In 2011, Norish made an operating profit of 666,000 on revenues of 11.2m.

Norish operates eight cold stores in the UK, including at Gillingham in Kent, and the Dublin-based firm wanted to develop Irish activities.

Net debt was 8.2m at the end of June 2012. Norish raised 250,000 at 30p a share at the time of the acquisition.

At 32.5p a share, Norish is valued at 3.3m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

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