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Styles & Wood joins with Southerns in deal with CSHL.

22 December 2017

An agreement has been reached between Styles & Wood and Central Square Holdings Limited (CSHL) for the former to join forces with Southerns, the Leeds-based furniture, fittings and equipment specialist.

This will see venture capital vehicle CSHL acquire the entire share capital of Styles & Wood, valued at £42.5m, conditional on being approved by the company's shareholders.

The deal will also need to receive Court sanction and irrevocable undertakings of 61% of the issued ordinary share capital of Styles & Wood has been secured from the holders.

Once approved, CSHL will enter into conditional sale and purchase agreements with the holders of preference shares and hurdle shares in Styles & Wood.

Southerns has enjoyed considerable recent growth, through organic expansion and targeted acquisitions, with customers including blue chips in healthcare, education and commercial sectors.

It achieved a pre-tax profit of £4m on revenues of £44m in the year to June 2017.

Styles & Wood recorded an underlying pre-tax profit of £4.1m on a turnover of £104.7m in the year to December 2016.

Its diverse customer base includes clients in the commercial, retail and leisure, banking and public sectors.

The company has also expanded through targeted acquisitions, including the purchase of Keysource in September 2016 and GDM in January this year.

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