Heads of Agreement signed
September 05 2007 - 9:12AM
UK Regulatory
PHSC plc
("PHSC" or the "Group")
Acquisition of In-House The Hygiene Management Company Limited
PHSC plc, the Aylesford-based provider of health, safety and environmental services to corporate
and public sector clients, is pleased to announce the signature of Heads of Agreement relating to
the acquisition of the entire issued share capital of In-House The Hygiene Management Company
Limited (IH) The purchase price will be �300,000 plus the opportunity of a bonus payment subject
to the level of future profits. In addition, assets will be acquired at fair valuation.
The acquisition will be funded entirely from existing cash reserves, as follows:
* �200,000 on completion of the acquisition;
* �50,000 on the first anniversary of completion; and
* �50,000 on the second anniversary of completion.
Both anniversary payments are subject to an uplift equal to 50% of any pre-tax profit above
�100,000 in the preceding year.
IH is a well-respected and established food safety and hygiene consultancy, with many hospitals,
schools and hotels amongst its client base. The company also offers general health and safety
consultancy and training. Turnover in the six months to 30 June 2007 was �196,000, generating pre-
tax profits of �56,000 (unaudited).
IH will enter into a strategic partnership with our RSA Environmental Health subsidiary, and will
be managed from RSA's Midlands offices.
Further information and a comprehensive client list can be found at www.inhouse-hygiene.co.uk.
For further information, please contact:
Stephen King
PHSC plc
Tel: 01622 717700
Ruegg & Co Limited
Nominated Adviser
Gavin Burnell
Tel: 020 7584 3663
PHSC plc
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