On 3 April 2023 the Group acquired 100 per cent of the share capital of Voortman Steel Construction Holding B.V. ('VSCH') and its subsidiaries, an innovative European steel construction group located in the Netherlands. The businesses were acquired for a net cash consideration of €24,000,000 (£21,200,000), payable on completion. This has been financed through a term loan of £19,000,000 and the remainder through cash reserves of £2,200,000. The acquisition provides the group with a manufacturing base in Europe, to complement our existing business, and access to new and high-growth market sectors.

£1,816,000 of costs relating to the acquisition have been included in non-underlying expenses. Further details are included in note 5. The net assets acquired of €6.6m (£5.9m), include cash of €5.5m (£4.9m). Due to the proximity of the acquisition to the approval of the annual report and accounts, a purchase price allocation has not yet been completed. For this reason, it is considered impracticable to present a split of net assets acquired, an allocation of the purchase price in excess of net assets and other related fair value disclosures. This exercise will be complete in the year ending 30 March 2024.