The acquisition, which was completed yesterday, cost the firm approximately £1m; £600,000 of it was paid for in cash whilst the remaining £400,000 was satisfied by the issue of new ordinary Numeric shares at 101p per share.
An additional consideration of up to £200,000 may be payable to Phillip Rose, the vendor, over the two-year period following the completion of the sale.
The newly-acquired business is expected to move into Numerica’s Manchester office in the next few weeks and will become the North West arm of the group’s Financial Services division.
In the year to March 2002, Munro-Greenhalgh had a turnover of about £900,000.
Numerica chief executive Tony Sarin said: ‘The development of a strong financial services offering is an important part of our strategic growth plan. Through the acquisition of Munro-Greenhalgh, the coverage of Numerica Financial Services will be extended to the North West of England.’
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