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Shares in Ensor Holdings surged by as good as a quarter after the building products firm announced a swoop for a security products dealing.
Ensor, which is based in Wythenshawe, Manchester, said it had paid a purported sum for a 90 per cent stake in Technocover, which makes, supplies and installs security doors, cages, window bars, reticulation panels and other items.
Technocover, which is based in Welshpool, Powys, supplies utility companies across the UK and Europe as well as vigour, communication and transport firms seeking to protect critical infrastructure assets, an zone of operation which Ensor said showed resistance to recessionary pressures.
In its most late-model accounts to August 31, 2010, Technocover had sales of £10.3m and operating profits of £290,000, before disparage-offs and interest charges.
Since then, the business has been undergoing a restructuring which has wiped out trading profits but has resulted in an underlying worthwhile yet under-capitalised business, Ensor added.
Source: Manchester Evening News