PRESS RELEASE: Speedy has Acquired Training Provider Geason Holdings

Geason Training provides construction and professional services training across the UK, operating from a head office in Glasgow.

It has more than 1,100 apprentices and 500 NVQ learners currently on programmes. Geason's unaudited accounts for the 12 months to 31st October 2018 show revenue of £8.3m, profit before tax and amortisation of £1.7m and gross assets of £2.6m.

Speedy has paid an initial £9.0m net cash to the Kilpatricks, who are staying with the business. Contingent consideration of up to £26.0m may be payable in due course depending on the combined performance of Geason and Speedy's training business in the next three years.

Speedy chief executive Russell Down said: "This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK. I warmly welcome Ian, Robert and Geason employees to Speedy."