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Aurrigo International PLC on Thursday said that it has bought GB Wiring Systems Ltd for £250,000. The Coventry, England-based firm expects the acquisition to be immediately earnings enhancing, complementing its existing automotive business. GB Wiring is a Leicestershire-based provider of electrical wiring harnesses and assemblies for the automotive industry. For the year ended August 31, GB Wiring reported turnover of £665,000, profit before tax of £74,000 and had net assets of approximately £100,000. Aurrigo said that while there isn’t any crossover of customer base between the two companies, there is ‘strong synergy’ of products and skills. ‘Given our successful track record of acquiring businesses, we are confident of smoothly integrating GB Wiring to ensure continuity of service for its established customer base and are delighted to be welcoming GB Wiring’s skilled team into the group,’ said Graham Keene, director of corporate development at Aurrigo. Aurrigo International shares were flat at 125.00 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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