[May 16, 2012] Acquisition of Controlling Interest in Harvey Walsh Limited Tweet (M2 PressWIRE Via Acquire Media NewsEdge) Chime Communications PLC, a leading marketing services group, is delighted to announce it has acquired 51% of the share capital of Harvey Walsh Limited ('HWL'), one of the UK's leading companies providing market access and data services to the pharmaceutical industry and the NHS, for an initial consideration of 2.19 million. The initial consideration comprises 2.1 million in cash and a further 90,000 in cash representing 51% of working capital of HWL at acquisition which is surplus to requirements after HWL joins the Group. A further tranche of the initial consideration of up to 1.9 million may be payable depending upon the trading performance of HWL in 2012 and 2013. HWL reported turnover of 1.6 million for the 14 months ended 31 December 2011 and operating profit of 517,000. The gross assets of HWL were 660,000 as at 31 December 2011. Chime is acquiring the interest in the business from HWL's two owner directors; Sue Beecroft and Julia Wilkins. Following completion, Sue and Julia will continue to develop HWL as part of Chime's healthcare division, OPEN Health. HWL's clients include: Lilly, Napp and Sanofi. The acquisition of the interest in HWL, Chime expects to be earnings enhancing, is a further step in the development of OPEN Health. Enquiries Lord Bell, Chairman 020 7861 8515 Chime Communications Chris Satterthwaite, Chief Executive 020 7861 8515 Chime Communications David Rowley, Chief Executive OPEN Health 01628 481112 James Henderson / Victoria Geoghegan 020 7861 3232 Pelham Bell Pottinger Notes to Editors The Chime Group helps clients create, manage, monitor and market their businesses, brands and reputation both in the UK and internationally. Chime is the holding company for the UK's leading public relations group, Bell Pottinger; one of the fastest growing advertising and marketing services groups in the UK that includes VCCP and Teamspirit; the UK's number one sports marketing group that includes Fast Track and Essentially Group; and the leading research group which includes Facts International and Opinion Leader Research. For more information please go to www.chime.plc.uk Elizabeth Snow Direct line: +44(0)20 7861 3821 Mobile: +44 (0)7912 540 246 ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to [email protected])). (c) 2012 M2 COMMUNICATIONS [ Back To TMCnet.com's Homepage ]