08:00 Wed 01 May 2019
Westminster Group - Acquisition of Euro Ops SRL France
('Westminster', the 'Group' or the 'Company')
Acquisition of Euro Ops SRL France
· Acquisition provides Westminster with a French based subsidiary with increased access to Francophone countries
· Strategically structured deal - acquiring non-trading sister company which provides the benefits of the business activities of Euro Ops Int. without any past incumbrances
· Operates in aviation sector expanding Westminster's geographic coverage
· Expands Westminster's business clients and contacts in the sector
· Additional revenue streams to the Group
· Euro Ops owner and director highly qualified and well respected in the sector
· Expected maximum cost of
Introduction to Euro Ops:
Euro Ops is a French based aviation security and support services company which, through its sister company,
The business was established in 2002 by managing Director,
More information on Euro Ops may be found on their website https://www.euro-ops.com
The Transaction:
Euro Ops itself has minimal trading with insignificant assets and has no incumbrances other than a Directors Loan Account which is being satisfied as part of the consideration. The consideration payable is
The acquisition costs have been funded from the Company's existing resources.
Rationale for Acquisition:
The acquisition of Euro Ops not only provides Westminster with a French base but also expands the Company's experienced and qualified aviation management team.
A French based operation is strategically important for the Company enabling better access to Francophone countries, particularly in
Euro Ops is a small company, but it provides Westminster with new customers and an additional revenue stream with exciting growth potential whilst
Commenting on the acquisition of Euro Ops,
"I am delighted to be able to announce the acquisition of Euro Ops. We have been exploring ways to develop the Francophone market for some time and the acquisition of Euro Ops now provides us with an ideal opportunity to grow our business in such regions, both from Euro Ops existing business activities and also through the expansion of Westminster's airport and managed services business.
"I am equally delighted that
Commenting on joining Westminster,
"Having provided services to Westminster in the past I have always been impressed by their professionalism and I am now very happy to be part of the Group. My team and I are excited about growing our business and delivering new business opportunities given the reputation, experience and professional support of Westminster."
Update on final adjustments to 2018 results:
As noted in the Company's RNS of
Market Abuse Regulation (MAR) Disclosure:
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
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Media enquiries via Walbrook PR |
Rt. Hon. Sir |
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S. |
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020 3470 0470 |
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020 3700 0100 |
Walbrook (Investor Relations) |
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020 7933 8780 |
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0797 122 1972 |
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Notes:
Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection, tracking and interception technologies and the provision of long-term managed services contracts such as the management and running of complete security services and solutions in airports, ports and other such facilities together with the provision of manpower, consultancy and training services. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations (NGO's) and blue-chip commercial organisations.
This information is provided by RNS, the news service of the
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