Electrocomponents Plc continued its expansion programme yesterday with the announcement that it had acquired the Verospeed group of electronic and electrical components distributors from BICC Plc for UKP12.4m up-front and two further payments of UKP5.5m each, in one and two years’ time. The acquired company operates in France, West Germany and Austria as well as in the UK, with about half its business expected to be on the continent this year. In the year to December 31, it had an operating profit of UKP2.1m on sale of UKP22.4m; net assets before borrowings were about UKP6.8m at July 28. The company says it has been working to raise the level of service of its RS Components subsidiary, and that the acquisition will speed the process since Verospeed is already a high-service distributor.
