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Tellings reports aquisitions and growth

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TWO NEW acquisitions have been completed by Tellings to coincide with its announcement of strong growth in its maiden results as an AIM-listed company.
The company, headed by Steve Telling, has acquired the entire share capital of Wings Luxury Travel and the coach hire and excursion business of Frank Harris Coaches.


The Wings’ deal brings three TfL contracts including 17 buses and a total of three coaches from Harris which will relocate from the Tellings depot at Dartford ending an 80 year history of operation from Grays in Essex.


The total consideration for both deals, according to the company, is around £500,000 in cash.


“The acquisition of Wings will increase the number of TfL routes operated by the group from 18 to 21,” says chairman Steve Telling. “Harris represents an attractive opportunity to increase our coach hire activity and increase utilisation of our Dartford depot.”


Telling believes the flotation has enhanced the company profile and its ability to acquire businesses. “With the good start already made and the momentum we have created to grow the business, the board is confident of a satisfactory performance being achieved for 2004.”


Results for the year ended 31 December 2003 show a 29 per cent increase in turnover to £27.6million and an 89 per cent increase in pre-tax profits to £2.85million. Tellings had cash balances of £0.96m and overall net debt of £4.96m.


Since its flotation last August the company has acquired the bus business of Crystals of Dartford and the remainder of the shares it did not already own (62.7 per cent) in Burton Coaches.



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