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December 14, 2018

Speedy acquires training provider

Filed under: Latest News — EHN Team @ 4:56 pm

Speedy has acquired training provider Geason Holdings from Ian and Robert Kilpatrick and connected family trust companies.

Geason provides construction and professional services training across the UK, operating from a head office in Glasgow. Its unaudited accounts for the twelve months to 31 October 2018 reported revenue of £8.3m, EBITA of £1.7m and gross assets of £2.6m.

Cash consideration paid on completion amounted to £9.0m with net cash assumed of £0.3m. Contingent consideration of up to £26m may be payable in cash, dependent on the combined performance of Geason and Speedy’s training business in the three years following the acquisition.

Russell Down, Chief Executive of Speedy, said: “This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK. I warmly welcome Ian, Robert and Geason employees to Speedy.”

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