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Universe Group / Brulines

  • BY: Andrew Hore |
  • POSTED: 06/10/2009 |

Universe Group says that it has yet to allow potential bidder Brulines to carry out due diligence.

The payment and loyalty systems supplier says that the current share price does not fully reflect the prospects of the business. At 5p a share, Universe is valued at £5.74m.

Universe has extended its facilities with the Bank of Scotland. Universe has entered into a £1m loan repayable over seven years. This will enable Universe to grow its car washing equipment subsidiary JetSet. JetSet has signed a five year revenue sharing agreement with Anglia Regional Co-operative Society, which should increase the division’s revenues by 8% in a full year. 

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