Wyatt Group has acquired a specialist employee benefits consultancy.
It is paying an initial £150,000 for TEBC and two deferred payments of £75,000 each on the firs and second anniversary of the acquisition. TEBC made a profit of £64,000 on turnover of £387,000 in 2007.
Non-executive chairman Bob Holt is loaning Wyatt £100,000 at 3% above base rate.
TEBC should fit well with Premier Employer Solutions and Premier Employee Benefits.
Profits on continuing operations were flat at £415,000 on turnover of £2.25m in the year to March 2008. Discontinued activities lost £935,000. Net debt was £850,000. Wyatt says that a change in tax legislation will have a “significant adverse effect” on this year’s trading.
Wyatt is looking for more employee benefits consultancies to acquire and is also looking at business opportunities in related services businesses.
Wyatt shares were unchanged at 5p, valuing the company at £700,000.
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