Wyatt acquires benefits consultancy
Article Date: Aug 04 2008Employment consultancy Wyatt Group has acquired employee benefits specialist TEBC for £150,000. Two deferred payments each of £75,000 are to be made on the first and second anniversaries of the deal’s completion.
The Marlow, Buckinghamshire-located business will operate alongside existing employment-based subsidiary Premier Employer Solutions Limited (PES) and, more particularly, PES's own benefits consultancy Premier Employee Benefits. Wyatt says there is also an element of deferred contingent consideration based on the turnover of TEBC, although this is capped at a maximum of £300,000.
In order to help finance the acquisition, non-executive chairman and serial entrepreneur Bob Holt agreed to loan the company £100,000. The loan is unsecured, will carry an annual interest rate of three per cent above the Bank of England base rate and is repayable over five years in quarterly instalments.
The most recent year-end results show TEBC making a profit before taxation of £64,295 on turnover of £387,414, and having net assets of £220,474.
