Aurrigo International PLC Acquisition of GB Wiring Systems Limited (2468B)
June 01 2023 - 1:00AM
UK Regulatory
TIDMAURR
RNS Number : 2468B
Aurrigo International PLC
01 June 2023
1 June 2023
Aurrigo International plc
Acquisition of GB Wiring Systems Limited
Aurrigo International plc (AIM: AURR, the "Group" or "Aurrigo"),
a leading international provider of autonomous transport technology
solutions particularly for the Aviation industry, announces that it
has acquired GB Wiring Systems Limited ("GB Wiring"), specialist
providers of electrical wiring harnesses and assemblies for the
Automotive industry, for a consideration of approximately GBP0.25m
(the "Acquisition").
The Acquisition will be immediately earnings enhancing and will
complement Aurrigo's existing Automotive business, allowing for
improved supply chain logistics for key automotive products, whilst
also enhancing the Group's broad core design and manufacturing
competencies for the benefit of its Autonomous and Aviation
Technology divisions.
GB Wiring, based in Leicestershire, UK, has been operating for
11 years as a complete wiring solution supplier of electrical
wiring systems f or the Automotive and Industrial Sectors; whilst
there is no cross over of customer base, there is strong synergy
between the existing products and skills of both Aurrigo and GB
Wiring. For the year ended 31 August 2022 reported turnover of
approximately GBP665,000, profit before tax of approximately
GBP74,000 and had net assets of approximately GBP100,000.
Graham Keene, Director of Corporate Development , Aurrigo,
said:
"This Acquisition brings us enhanced capabilities and capacity
in our core Automotive area of wiring harnesses and electrical
components. In addition, we will continue to leverage these
capabilities which we have used so successfully in developing our
Autonomous and Aviation divisions.
Given our successful track record of acquiring businesses, we
are confident of smoothly integrating GB Wiring to ensure
continuity of service for its established customer base and are
delighted to be welcoming GB Wiring's skilled team into the
Group.
Mark Robson and Mike Francks, Directors of GB Wiring,
commented:
"Aurrigo is a long-established leader in automotive electronics
and we are pleased to be joining the team. We are confident that
our capabilities and expertise can enhance Aurrigo's existing
offering and will ensure that there is a smooth transition for both
our staff and our customers".
Further details of the Acquisition
The total consideration, to be funded the Group's existing cash
resources, comprises an initial cash consideration of GBP0.2
million, plus a deferred cash fee of GBP0.05 million payable on the
first anniversary following completion of the Acquisition. The
initial consideration will also be subject to certain adjustments
for cash, indebtedness and working capital (currently estimated to
be approximately GBP0.02 million).
GB Wiring staff will become employees of Aurrigo, including
directors of the company who will remain with the combined business
to ensure a smooth transition.
GB Wiring will continue to operate from its existing premises,
enabling it to continue to fulfil its existing customers' needs
whilst progressing with a smooth transition into Aurrigo's
Automotive business.
For further enquiries:
Aurrigo International plc
David Keene, Chief Executive Officer
Graham Keene, Director of Corporate Development
Ian Grubb, Chief Financial Officer +44 (0)2476 635818
Singer Capital Markets (Nominated Adviser
and Sole Broker)
Phil Davies, Rick Thompson, George Tzimas,
Jalini Kalaravy +44 (0)20 7496 3000
Instinctif Partners (Financial Communications) +44 (0)20 7457 2020
Rozi Morris, Tim McCall, Isadora Pegler aurrigo@instinctif.com
About Aurrigo
Aurrigo is a leading international provider of transport
technology solutions. Headquartered in Coventry, UK, it designs,
engineers, manufactures and supplies autonomous vehicles and OEM
products to the automotive and transport industries, particularly
focusing on aviation. It is highly regarded as a specialist in
autonomous and semi-autonomous technology solutions for the
aviation, ground handling and cargo industries. Aurrigo has
developed six types of autonomous vehicle to date, which can be
utilised to reduce costs, resolve operational issues and tackle
labour shortages, whilst also improving sustainability. Aurrigo has
three divisions, Automotive Technology, Autonomous Technology and
Aviation Technology. For more information, see www.aurrigo.com
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