UK training and information company Wilmington Group plc (LON:WIL) said on Friday it had bought its trading partner Millennium ADMP Ltd out of administrative receivership for the cash sum of GBP465,000 (USD736,000/EUR579,000).
By rescuing this firm, Wilmington secures the continuing employment of its headcount as well as the future support for the operations of one of its own units, said Charles Brady, chief executive officer of the buyer.
The company took over the business and certain assets of Millennium ADMP today, through its wholly-owned unit Wilmington Millennium Ltd. It intends to pay for the acquisition using its existing debt facilities.
Millennium ADMP offers information and services to the insurance market along with data and sales services to Wilmington’s Smee & Ford Ltd unit. The business had profits before interest, tax and amortisation of GBP400,000 on a turnover of GBP5.9m for the fiscal year to 30 June 2011. Its gross assets amount to GBP900,000.
Wilmington Group serves professional business markets such as accountancy and tax, banking, charities, financial compliance, healthcare, insurance, law and pensions.