Chantrey Vellacott wins AIM sports audit
Newly-listed Science in Sport awards advisers its audit work
A HIGH-FLYING sports business has appointed Chantrey Vellacott DFK as its auditors.
Thames Valley-based Science in Sport (SiS), a nutrition company, has the auditors following a busy period for the company.
SiS listed on AIM in August following a demerger from AIM-listed Provexis. Chantrey Vellacott acted as reporting accountant and tax advisers during the demerger process and the listing, with the firm to continue to act for both parties.
Neil Tustian, partner at Chantrey Vellacott DFK, said the two companies were in a strong position to grow independently.
“Science in Sport is one of the most respected and well-known brands in sports nutrition and Provexis has enjoyed strong success through its Fruitflow business,” said Tustian.
“The separation of the businesses will enable both companies to focus on their core activities and grow independently of one another.”
Ian Ford, finance director at Windsor-based Provexis, said: “The demerger will allow Provexis and Science in Sport to pursue their strategic objectives independently with greater control over resources and opportunities, and it has provided the company’s existing shareholders with added flexibility in their investment decisions.”
Provexis has a market cap of £15.5m, and its share price is trading at 1.02p. SiS has a market cap of £13.7m and is trading at 70.5p per share.