The Directors are pleased to announce the following acquisition on 30 December 2012.
The Company has paid 380,000 Euro to acquire 100% of Bersanto Limited which owns 74% of a language school in Thessaloniki, Greece and 15% of Franchising Axon Hellas Epe (“Axon Hellas”).
The school in Thessaloniki has approximately 700 students in leasehold premises of 330 sq. metres.
The school’s revenues for the year to 31 December 2011 were Euro 366,061 with net pre tax profits of 41,337 Euro and post tax profits of 37,000 Euro.
The school’s revenues for the year to 31 December 2012 were Euro 341,146 with net pre tax profits of 87,643 Euro and post tax profits of 69,000 Euro.
Following the Company’s acquisition of Bersanto Limited, the Company consolidates and increases its shareholding in Axon Hellas from 75% to 90%. Axon Hellas operates franchised schools throughout Greece.
With the Greek economy on a recovery road the directors believe it is a good opportunity for expansion.