ACQUISITIVE conglomerate Williams Holdings has splashed out #23.5m to
buy shower manufacturer Aqualisa.
Aqualisa, which was founded in 1976, will be absorbed into Williams
existing shower and water heating company Heatrae Sadia, which is best
known for the Gainsborough brand.
Williams, which recently announced the impending departure of chief
executive Brian McGowan, will issue 2.8 million shares to fund the
acquisition.
Gainsborough showers are mainly sold through DIY chains while Aqualisa
products are distributed to independent stores and high street shops.
In the year to September 30 Aqualisa made profits of #1.8m on a
turnover of #13.2m. It expects to boost earnings this year despite tough
trading conditions.
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