Tandem’s Pre-tax profits up following acquisition
Following the successful acquisition of a business represented by Benchmark International’s UK Transaction team, a Castle Bromwich-based company has posted substantially improved pre-tax profits of £1.7m, compared to £16,000 in 2013.
Bike manufacturer, Tandem Group, acquired the mobility scooter company, Pro Rider, in August 2014 in a deal worth £2.5m and has gone on to show a strong first-half performance following the acquisition.
Representatives from Tandem said the company will continue to invest in product development and working capital at Pro Rider to build on this positive start. Chairman Mervyn Keene said, “We are encouraged by the potential of the Pro Rider business and we expect to make progress in developing and expanding the product range in the forthcoming year. Once again we have put together strong ranges for 2015 in both Claud Butler and Dawes flagship brands and our Pro Rider electric bicycles continue to sell well.”
Mr Keene also revealed group revenue for the 14 weeks to 12 April 2015 was up by 6 per cent on the same period last year.
This is excellent news for both Tandem and Pro Rider, proving the mutual benefits to both buyer and seller when conducting a synergistic sale. It also serves as a reminder that planning your acquisition strategy to promote new growth for your company can be an extremely successful exercise.
Benchmark International is pleased to note this impressive performance and wishes continued success for both companies going forward.