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Worthington Nicholls Group plc, which installs air conditioning, heating, ventilation and chilled water systems, has made its second acquisition since listing on AIM.

The company acquired electrical contractor Lumenglow, which has provided services to Worthington since 2003, for £150,000. The deal comprised £75,000 in cash and £75,000 in shares at 1p each.

The acquisition bolsters Worthington’s presence in London and the Southeast. The company is looking to complete further takeovers in 2007.

Chief executive Mark Worthington said: “This was a family-run business with many parallels with how our own business was run some years ago. In short, I see plenty of ways to return it quickly to profitability and to increase the size and scope of its work. With skilled electricians in short supply, we are lucky to be adding so many talented staff in a single deal.”

To fund the acquisition, Worthington has issued 64,599 shares at 116.1p each to Lumenglow’s vendors. The shares will be locked in for 12 months.

Lumenglow’s managing director Ken Sole will stay with the company, having signed a three-year service contract. Short-term, Lumenglow will trade under its own name.

The acquisition follows Worthington’s share placing in November 2006, raising £6 million to provide working capital and fund acquisitions. Worthington’s turnover and operating profit was £25 million and £3.7 million respectively for the year ended September 30, 2006. It joined AIM on June 12, 2006, buying air conditioning specialist Project Air in the same month.

East Dulwich-based Lumenglow was founded in 1984. Its clients include Debenhams, Royal Doulton, Farebrother and the London borough of Kingston-upon-Thames. Lumenglow generated a pre-tax loss of £4,000 on a turnover of some £830,000 for the year ended July 31, 2006.

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