S&S Training Services Limited - February 2010
Woodspeen Training plc (“Woodspeen” or the “Company”) acquired 100% of the issued share capital of S & S Training Services Limited (“S&S”) on 1st February 2010 for an aggregate consideration of £505,000, payable as to £432,000 in cash and £75,000 in Loan Notes. In addition the Company paid on a £ for £ basis for net assets in excess of £60,000 (“Excess Net Assets”) at 31 January 2010. The amount paid for Excess Net Assets was £298,000.
The Loan Notes, which bear interest at 6% per annum, are redeemable in three squarterly payments of £25,000 commencing on 31 March 2010. Interest is be paid on each redemption date.
S&S was incorporated in 2001 and provides government sponsored vocational training programmes in Huddersfield. Its principal business is “Apprenticeships” for 16-18 year olds and for adults. It specialises in occupational programmes in Business Administration and Information Technology. It also provides “Entry to Employment” programmes aimed at 16-18 year olds who are not in employment or training
A&R Training Services Limited - May 2009
Woodspeen Training plc (“Woodspeen” or the “Company”) acquired 100% of the issued share capital of A & R Training Services Limited (“A&R”) on 6th May 2009 for an aggregate consideration of £3.1 million, payable as to £2.7 million in cash and £0.4 million in Loan Notes. In addition the Company paid on a £ for £ basis for net assets in excess of £0.4 million (“Excess Net Assets”) at 30 April 2009. The amount paid for Excess Net Assets was £0.15 million.
The Loan Notes, which bear interest at 6% per annum, are redeemable in four semi-annual payments of £100,000 commencing on 31 January 2010. Interest is be paid on each redemption date.
A&R, which was established in 1992, provides government sponsored vocational training programmes in West Yorkshire where it has four training centres in Huddersfield, Halifax, Bradford and Wakefield. Its principal business is “Apprenticeships” for 16-18 year olds and for adults. It specialises in occupational programmes in childcare, health and social care and customer service. In addition A&R runs “Entry to Employment” programmes aimed at 16-18 year olds who are not in employment or training and “New Deal” programmes aimed at the long term unemployed.
Futures Training Centres Limited - May 2008
Woodspeen Training plc (“Woodspeen” or the “Company”) acquired the entire issued share capital of Futures Training Centres Limited (“Futures”) on May 8th 2008. Futures, is a private company providing vocational training to adults in the UK, predominantly under the Government’s Learndirect and Train to Gain programmes. Futures has training centres in the South-East, South-West and East Midlands.
The consideration for the acquisition payable in cash, Convertible Loan Notes and new ordinary shares in the Company was £1,150,000 and comprised £650,000 cash, £100,000 convertible loan notes and 800,000 new ordinary shares issued at 50p per share.
The Convertible Loan Notes were redeemed in 2009.