10 October 2007

We are pleased to announce the Group’s third acquisition of 2007, Walmotts Holdings Limited. Walmotts is a well established gas installation and maintenance services provider, primarily to the social housing sector, based in the Birmingham area.

Walmotts base in Birmingham provides an excellent geographic fit, linking the existing Kinetics businesses in the North West and those in London and the South East. Together with the Group’s other gas businesses, Seaflame and TA Horn, Kinetics now employ around 400 qualified gas engineers.

The business was founded by the vendors in 1983, and has a number of long term contracts with local authorities and housing associations, including South Kesteven District Council, Wolverhampton Homes, Sandwell Homes, Bromford Housing, Touchstone Housing Association and Birmingham City Council.

With today’s acquisition, the Kinetics Group will have annual sales of over £90 million and over 1,100 employees. The acquisition both enhances Kinetics’ position in tendering for larger contracts, and extends the Group’s capabilities to undertake work across the UK.