All Leisure Group - small acquisition at a very nice price!
The AIM quoted cruise operator has announced the acquisition from the administrators of the cruise ship Hebridean Princess and other related assets for a cash consideration of £1.4m.
The Hebridean Princess carries 49 passengers and 37 crew and offers luxury cruises from March through to November around the Scottish Highlandsand Islands and Norwegian Fjords. In the year to 30 November 2008 the Hebridean Princess generated revenue of c£7.0m and profit before taxation of c£1.2m. Consideration of £1.4 for a pre-tax contribution of £1.2m looks ararther good deal – good things come to those with cash!! The provisional fair value of net assets being acquired is £4.1m and on this basis management expect the overall contribution to profits in the current financial year to be broadly neutral. On the…