September 2006

Mitchells Advises on Sale of EMS Medical Limited

Cheltenham based accountancy firm Mitchells has assisted in the sale of its client EMS Medical Limited.

EMS commenced trading December 2004 and is a UK provider of healthcare products to the hospital, primary healthcare and community healthcare sectors in the UK and abroad. The company’s turnover had increased to £1.5m per annum over the short period of 18 months and in July of this year was approached by International Medical Devices Plc with a view to a possible sale. The eventual sale price was agreed at £1.0m payable as a mixture of cash and shares over the next three years.

International Medical Devices Plc (AIM:INT), the fast-growing medical supply company targeting the acute, emergency and aged care markets, has acquired the entire share capital of EMS.

Richard Martin, director and co founder of EMS comments: "Nick Mitchell, senior partner in Mitchells Accountants in Cheltenham, was involved with EMS from inception. Mitchells helped with the initial set up of the financial systems of the company and assisted with the preparation of monthly management accounts. The up-to-date and accurate management information was vital for the Directors’ to run the business efficiently. Year end accounts were prepared within two months of its year end and this involved efficient tax planning regarding the Directors’ remuneration.

Mitchells were involved from day one with the negotiations for this sale and advised the three directors accordingly which included detailed tax planning regarding the nature and timing and amount of each payment. Mitchells were present during the due diligence process and assisted the directors when required. The deal was signed on 2 August 2006, only five weeks from the date of the original enquiry. Mitchells also managed to obtain initial Inland Revenue clearance of the deal by the time the deal was signed.

For more information contact Mitchells on 01242 260066.