Vantis buys specialist consultancy business
Listed accountancy group Vantis has acquired The Custom House, a specialist consultancy which helps clients in the recovery of import duty and advises them on import duty classification.
TCH derives its revenue from consultancy fees generated on advice that results in successful import duty savings and recovery for clients.
It is based in West Sussex and employs four staff. For the 10 months ending 31 July 2002, TCH had unaudited pre-tax profits of £897,751.
Vantis has purchased the entire share capital of TCH for £2,334,000 made up of £900,000 in cash, £400,000 in unsecured convertible loan notes converted into ordinary shares after 12 months, £600,000 of unsecured convertible loan notes dependent on sales and a further £434,000 in cash dependent on certain sales.