Waltham Cross-based security company SectorGuard Plc has acquired Legion Group Plc, a parking services and security company, for a nominal fee.
Waltham Cross-based security company SectorGuard Plc has acquired Legion Group Plc, a parking services and security company, for a nominal fee.
Legion is a subsidiary of the Royal British Legion Attendants Company Trust (RBLACT), a charity that promotes employment opportunities to ex-servicemen and women. In addition to the initial consideration, SectorGuard has agreed to pay the RBLACT £100,000 a year for ten years.
The deal brings Legion’s iconic brand with an impressive portfolio of work that increases SectorGuard’s market penetration and opens up new opportunities, the company said.
Legion is based in Preston and employs some1,200 licensed security personnel and 200 car park and traffic operatives. In the year ended 30 September 2008, the company reported a turnover of £27.5 million. In the latest financial results, SectorGuard reported a half-year turnover of £15 million, with gross profit of £2.7 million.
Mark Higgins, chief executive of SectorGuard, commented: “The acquisition of Legion will further enhance the company’s position as a top-tier provider employing in excess of 2,700 staff within the UK manned guarding sector. Legion Group’s heritage, brand and client portfolio should generate significant shareholder and stakeholder value once the integration is completed.”
SectorGuard also announced a placing of 198 million new ordinary shares at 1p per share to cover the costs of integration.
