Myhome International plc bought Stainbusters in a deal that adds a seventh brand to its residential services franchise network.
The deal could be worth up to £415,000, with an initial cash payment of £165,000 to be made in the next six months. The agreement includes deferred payments of £50,000 and £200,000 in the next two years subject to performance.
The transaction comprises an initial cash consideration of £165,000. Of this, £110,000 was paid on completion with £55,000 due within six months
Myhome adds Stainbusters to a portfolio that includes residential services brands such as Myhome Clean; Nicenstripy; Surface Doctor; Ovenclean; Autosheen; and Clean Team.
Myhome’s chief executive, Russell O’Connell, said this deal is another step in the group’s strategy of becoming the leading residential services provider.
“We know from both our own pilot operation and also the wider Myhome franchise network, the scale of demand for the cleaning of carpets and other fabrics around the home,” he added. “Stainbusters fits this gap in our service range exactly, and will dovetail neatly into our existing franchise portfolio.”
Myhome’s financial adviser on its latest acquisition was Ashings Chartered Accountants, which carried out a financial due diligence review of Stainbusters’ business.
Darryl Ashing, the audit principle who led its team, said the firm has advised Myhome since before its AIM admission.
“Myhome is an agile company and their deals aim to complete very quickly,” he added. “By the time we become involved heads of terms have normally been signed and the deals aim to complete within a month. This means that we have to review all papers, carry out site visits, draft reports and meet with the client in no more than two weeks. So far the process works very well and we are following Myhome’s progress with some excitement.”
Stainbusters specialises in stain removal and deep dry cleaning and protection of carpets, upholstery, curtains, leather and mattresses. It has operations in 35 territories throughout the UK and Europe.
