Global Capital Markets

Story: The Capita Group, the UK provider of integrated professional support service solutions, has acquired the entire share capital of Lonsdale Travel, one of the UK’s leading independent travel management companies, it was announced in a press release. Capita will pay GBP 10.25m on completion, to be satisfied by the issue of 64,185 new ordinary shares in Capita and GBP 10m in cash. A further GBP 250,000, payable in cash, will be paid over the next four years, subject to the business achieving certain performance targets.
Lonsdale is ranked number 11 in the Business Travel Company market and provides a wide range of travel administration services to organisations across the public and private sectors. Lonsdale is Capita’s preferred supplier of travel services and Capita currently represents approximately 16% of Lonsdale's business. Lonsdale’s audited accounts for the year ended 30 November 2004, recorded operating profit of GBP 2m on net fee income of GBP 7.3m. As at 30 November 2004 Lonsdale had audited net assets of GBP 1.7m.
Some 220 employees, based primarily in Derby, will transfer to Capita and the founder and Chairman of Lonsdale, Stuart Webb, is retiring from the business as part of the transaction.
Full Details to follow in the Deal Database
Source: Stock Exchange Announcement(s)
Value: GBP 10m (deal value)