Sale of Mimic and Strainstall
On 19 December 2022 the sale of the UK-based arm of Strainstall to the BES Group was announced. Our Strainstall Middle East, Strainstall Malaysia and Strainstall Singapore teams and customers will stay with James Fisher. For further information, please get in touch your usual point of contact.
Mimic and the UK operations of Strainstall have been sold to the BES Group for an initial cash consideration of £13.6m. In addition, up to £3.9m of further cash consideration may be payable in Q1 2023 based on performance in the last quarter of 2022.
Both Mimic and Strainstall each hold leading positions in their respective markets, but the Board has concluded that they will be better able to continue their development outside of James Fisher, in line with the Group's previously stated strategy to rationalise and focus the Group's portfolio. The proceeds will be applied to reducing the Group's net borrowings.
The results of the combined businesses are reported within the Marine Support division. In the year ended 31 December 2021, they generated combined revenue of £8.7m and profit before tax of £0.8m. At 30 June 2022, the gross assets of the businesses were approximately £7.4m. Existing management and staff will transition with the businesses to the new owners.