Geldof's Ten Alps to buy Pacesetter for £1.2m
Bob Geldof's company Ten Alps Communications is buying Pacesetter Holdings for around £1.2m in cash and shares.
A further £750,000 will be payable if the holding company of Pacesetter Associates achieves pre-tax profits of more than £375,000 for the year to May, 2002.
In the year to May, 2001, Pacesetter reported pre-tax profits of £269,264 on revenues of £3.17m. Net assets were £201,657.
Ten Alps will pay up to £110,000 more in cash, dependent on Pacesetter's working capital requirement for the period to May, 2002.
Alex Connock, chief executive of Ten Alps, says acquiring Pacesetter gives it the added capability of organising corporate launches, conferences and a range of other international branded event work.
"It complements our existing Dr Party corporate entertainment division, and our Fire Brand public events division, which are already providing events for major corporate clients," Mr Connock says.
Pacesetter's client base includes Corus, the BBC, National Cash Register, EMI, Ford, Disney, RMC and other major corporations.
It also carries out extensive work for the Home Office and the Foreign Office.
Ten Alps is chaired by political commentator and ex-Labour MP Brian Walden.
Mr Geldof, who holds a 12% stake in Ten Alps, is also a non-executive director.
