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18 – Bluebell Telecom

On 1 August 2013 AdEPT Telecom acquired approximately 3,000 business customer contracts from Bluebell Telecom Limited (“Bluebell”) for an initial cash consideration of approximately £2m. Further consideration of approximately £0.5m may be payable dependent upon performance of the contracts post-acquisition.  This acquisition further demonstrates the ability of AdEPT Telecom to return to the consolidation of the fixed line telecommunications sector following a period of substantial deleveraging.

The business customers acquired from Bluebell complement the AdEPT Telecom portfolio as they are all UK based fixed-line telecom business customers taking communications products including lines, calls, data connectivity, inbound-telephony and maintenance services.  Management of the contracts were transferred to AdEPT telecom’s office in Tunbridge Wells, Kent during August 2013.

Based on the recent management accounting information, annualised revenue and EBITDA attributed to the contracts being acquired is anticipated to be approximately £1.8 million and £0.6 million respectively.