IFG Group announce acquisition in Ireland
Date: 29-05-2002
Source: IFG Group plc
IFG Group announces that it has acquired the entire share capital of Trade Credit Brokers Limited (’TCB’), Ireland’s largest independent credit insurance brokerage.
TCB was formed in 1993 by Hugh McGivern and Michael Raleigh and specialises in domestic and export credit insurance for a range of companies whose aggregate turnover insured is in excess of €5 billion. John Simpson who opened the Northern Ireland office in 1995 heads the companies operations in Belfast.
The company has grown its profits and turnover in each year since commencement of trading. In the year ended 31 March 2001 turnover and profits were €1,198,277 and €255,782, respectively. At 31 March 2001, the date to which the last audited financial statements were prepared, TCB had net assets of €185,690.
The initial consideration for the acquisition was €1,650,974 and was satisfied on completion by a cash payment of €1,524,00 and by the issue of 44,867 ordinary shares of IFG. Additional consideration of €4,062,847 may be payable based on six times the average profits before tax for the three years ending 31 December 2004, less the initial consideration of €1,650,974. The total maximum consideration payable will be €5,713,821. Net assets acquired were €253,948.
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie