Completion is expected to occur on 30 June 2000.
Redispace & Johnson hires and sells modular buildings and storage units and has a manufacturing facility in Hull for modular buildings. It operates from 12 depots in England and Wales and has a hire fleet of just over 10,500 units.
In the year ended 31 December 1999, Redispace & Johnson achieved a profit before interest and taxation of gbp 2.8 million on a turnover of gbp14.7 million. Net operating assets at that date, excluding cash and debt, were gbp16.1 million. The purchase price is based on net operating assets at completion, excluding cash and debt, of gbp17 million and is subject to adjustment depending on the net operating assets at that date.
The acquisition brings to Elliott an experienced management team, a complementary spread of depots and a hire fleet which broadens and enhances the existing product range.
