REG-PipeHawk Plc: Acquisition of Wessex Precision Instruments Limited

PipehawkAnnouncement

16/10/2019 07:05

 16 October 2019

PipeHawk plc

("PipeHawk" or the "Company")

Acquisition of Wessex Precision Instruments Limited

PipeHawk is pleased to announce that it has acquired the entire issued share
capital of Wessex Precision Instruments Limited (“Wessex”) for a
consideration of £1 (the “Acquisition”). Wessex produces and sells a
range of equipment for testing the slip resistance characteristics of
aggregates used in public areas, including in supermarkets and around swimming
pools. The Board believes that the Wessex business presents a number of
synergistic cost saving opportunities for the Company and will complement the
Company’s subsidiary QM Systems and its existing portfolio of test and
measurement equipment. 

In the year ended 31 March 2019, Wessex recorded unaudited revenues of
approximately £340,000 and an unaudited loss after tax of approximately
£61,000. As at 31 March 2019, Wessex had net liabilities of approximately
£52,000.

Gordon Watt, Chairman of PipeHawk, commented: “I am delighted that PipeHawk
has acquired Wessex; it has a world class reputation in an area of health and
safety that is becoming increasingly prominent. Wessex will further benefit
from PipeHawk’s marketing and technological expertise.”

Enquiries:

 PipeHawk Plc Gordon Watt (Chairman)                            Tel. No. 01252 338 959  
 Allenby Capital (Nomad and Broker) David Worlidge/Asha Chotai  Tel. No. 020 3328 5656  

Notes to Editors

For further information on the Company and its subsidiaries, please
visit: www.pipehawk.com



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