Shed Media plc is set to increase its television production offering with the agreed acquisition of Wall to Wall for up to £25 million.

Shed Media plc is set to increase its television production offering with the agreed acquisition of Wall to Wall for up to £25 million.

The initial consideration of £20 million comprises £10 million in cash, £8 million in shares and £2 million in redeemable loan notes. An additional £5 million, comprising £500,000 in cash and £4.5 million in shares, is available to Wall to Wall, dependant on financial performance. At completion Shed will have debt of £32 million and £4 million of redeemable loan notes.

Wall to Wall’s turnover was £19.5 million in the year ended this June, with EBITDA of £2 million. The transaction is expected to be earnings enhancing by the end of the year.

Ingenious Corporate Finance advised the shareholders of Wall to Wall.