Speedy acquires construction trainer Geason Holdings

Speedy has acquired the entire issued share capital of training provider Geason Holdings from Ian and Robert Kilpatrick, and connected family trust companies.

Geason is a leading provider of construction and professional services training across the UK, operating from a head office in Glasgow, with more than 1,100 apprentices and 500 NVQ learners currently on programmes.

Unaudited accounts for the firm for the 12 months to October 31 reported revenue of £8.3 million, EBITA of £1.7m and gross assets of £2.6m.

Cash consideration paid on completion amounted to £9m, with net cash assumed of £300,000.  Contingent consideration of up to £26m may be payable in cash based on a multiple of 3.25x EBITA, dependent on the combined performance of Geason and Speedy's training business in the three years post acquisition.

Speedy said the acquisition will allow the Group to better support its customers in training and developing their staff and accelerate the growth of its services businesses.

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."