All in the wash
7th May 1992, Page 96
7th May 1992
Page 96
Page 96, 7th May 1992
— All in the wash
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• European Motor Holdings (EMH) has bought Casemont Holdings, parent company of vehicle wash specialist Wilcomatic. in a deal worth £18.4m.
EMH will pay £5.5m for the company and repay £12.9m of debt incurred during Wilcomatic's management buyout. Wilcomatic's chairman Joe Casey will join the board of EMH.
In the past three years operating profits for Casemont (who's only trading subsidiary was Wilcomatic) rose from £1.54m to £2.33m. Half year results for EMH to the end of Sept 1991 showed a loss of £735,000.
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Joe Casey