Capital for Colleagues plc - Acquisition of MI Accountancy Solutions
PR Newswire
London, December 2
Capital for Colleagues plc / EPIC: CFCP / Market: AQSE / Sector: Financials
2 December 2022
CAPITAL FOR COLLEAGUES PLC
('Capital for Colleagues', 'C4C' or the 'Company')
ACQUISITION OF MI ACCOUNTANCY SOLUTIONS LIMITED
Capital for Colleagues, the investment vehicle focused on opportunities in the Employee Owned Business ('EOB') sector, is pleased to announce that the Company has acquired the entire issued share capital of MI Accountancy Solutions Limited ('MIA').
MIA is a Staffordshire based accountancy firm which offers a range of accounting services, principally the preparation of management accounts. MIA already provides accounting services to a number of C4C's investee companies, and the Directors believe that, by bringing these services in house, Capital for Colleagues will be able to cost-effectively broaden the support and advice it offers all EOBs, whilst at the same time strengthening relationships with existing investee companies.
The Company has acquired MIA for an effective consideration of £95,000 in cash, satisfied from the Company's existing resources. Deferred consideration of up to £20,000 may be payable, depending on the post-acquisition performance of MIA.
Alistair Currie, Chief Executive of Capital for Colleagues, said:
'We are delighted to welcome Sophie and the MIA team to C4C. The addition of their accounting skills is a great enhancement to the services we can offer to existing and potential investees'.
Sophie Mills, Managing Director designate of MIA, said:
'Joining Capital for Colleagues is a logical extension of our existing relationship with C4C, and we look forward to working with them to deliver quality advice and services to their EOB network'.
The Directors of the Company are responsible for the contents of this announcement.
**ENDS**
For further information, please visit www.capitalforcolleagues.com or contact:
CAPITAL FOR COLLEAGUES PLC Richard Bailey, Chairman Alistair Currie, Chief Executive John Lewis, Finance Director | 01985 201 980 |
| PETERHOUSE CAPITAL LIMITED Mark Anwyl | 020 7469 0930 |
Capital for Colleagues plc
Capital for Colleagues is an investment company focused on the UK EOB sector. The Company has a proven management team, with a wide network of contacts and affiliates, as well as established access to investment opportunities, enabling the Company to execute its strategy and capitalise on EOB-focused investment opportunities. In addition, the Company educates and assists companies that are looking to launch employee ownership schemes, advising them, amongst other things, on how to secure investment and achieve their objectives.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018).
