SVO buys Bourne Financial

Serviced Office Group is to acquire Bourne Financial for up to £1.2 million.


Serviced Office Group is to acquire Bourne Financial for up to £1.2 million.

Serviced Office Group (SVO) has agreed to acquire the office and financial services provider Bourne Financial (BF) for up to £1.2 million.

Under the terms of the deal, an initial payment of £600,000 will be followed by a performance related deferred sum of up to £600,000.

AIM-listed SVO provides serviced offices for businesses. The company currently operates 21 offices and around 3,792 workstations across London and the South East. In 2009, SVO declared a net profit of around £400,000 on a turnover of £7.1 million.

London-based BF provides office and outsourced financial support services for start-up and small financial firms. BF’s services include secretarial support and on and off site IT data backup. In 2009, the company reported an operating profit of £272,762 on a turnover of £2.6 million.

The acquisition is expected to be earnings enhancing from the third year after completion of the deal.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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