ASX-listed Synergy Plus (ASX: CZP), has finalised its acquisition of Leading Solutions business assets from administrators, McGrathNicol.
According to a company statement, the deal includes Leading’s IT procurement and services business, along with associated goodwill. Synergy has also purchased Leading’s plant and equipment, stock, records, current purchase orders, trade debtors and business contacts. Synergy has been running the Leading organisation since November 16.
The acquisition is scheduled to be completed on December 2, subject to third-party releases and some regulatory clearances. Customers are now being billed under the Synergy entity.
Synergy acting CEO, Pete Cappendell, said it had over 35 Leading employees on-board, but was still waiting on several contracts out in the market. Staff in Sydney and Brisbane are now working out of Synergy’s offices, and Melbourne employees will all switch across by next week.
“Some people are taking this opportunity to have a break and rest from the industry over Christmas. A few don’t want to do anything until after that, which is okay. They’ll either come to us, or go somewhere else,”Cappendell said. “We’re trying to match the number of people to the levels of business Leading has been doing.”
Synergy is also assisting administrators to collect debt from Leading customers, which will be used to pay out outstanding staff and supplier costs, Cappendell said.
Synergy claims to now have 320 staff across 11 Australian locations. It is also on the hunt for a national services director, as well as managed services director following the recent departure of Roy Pater.