WYT Wyatt Group

    RNS Number : 4404A
  Wyatt Group PLC
  01 August 2008
   

    Wyatt Group Plc ('Wyatt'), the AIM listed specialist employment consultancy group, is pleased to announce the following acquisition:

    Wyatt has acquired 100% of the share capital of specialist employee benefits consultancy, TEBC Limited ('TEBC') for an initial
consideration of �150,000 plus two deferred payments each of �75,000 to be made on the first and second anniversaries of deal completion.
There is also an element of deferred contingent consideration based on the turnover of TEBC. This element of the consideration is capped at
a maximum of �300,000.

    The business will operate alongside existing employment based subsidiary Premier Employer Solutions Limited ('PES') and more
particularly PES's own benefits consultancy Premier Employee Benefits Limited to further strengthen the consultancy services that can be
offered to employers.

    The most recent financial statements, covering the 12 months to 31 December 2007, show TEBC making a profit on ordinary activities
before taxation of �64,295 on turnover of �387,414, and having net assets of �220,474.

    In order to help finance the acquisition Bob Holt (Non-executive Chairman) has agreed to loan the Company �100,000. The loan is
unsecured and will carry an annual interest rate of 3% above the Bank of England base rate and is repayable over 5 years in quarterly
instalments.

    The loan from the Director is classified under the AIM rules as a related party transaction. The directors of Wyatt, excluding Bob Holt,
having consulted with their nominated adviser, Blue Oar Securities Plc, consider that the terms of the loan are fair and reasonable insofar
as the Company's shareholders are concerned.


 Enquiries:

 Wyatt Group PLC                 www.wyattgroup.co.uk
 Bob Holt, Chairman              07778798816
 David Curtis, Finance Director  0845 450 9110

 Blue Oar Securities Plc         www.blueoarsecurities.co.uk
 John Wakefield / Marc Davies    0117 933 0020


This information is provided by RNS
The company news service from the London Stock Exchange
 
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