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Management and financial consultant Tribal Group plc is driving its international operations forward with the purchase of a majority stake in The HELM Corporation.

The price tag for the 72 per cent stake in the Northern Ireland-based company was £15.1 million and adds 82 staff to Tribal’s ranks. The senior management team, who sold the stake, will also join the enlarged group.

The deal sum comprised £11.8 million cash and the issue of 2.5 million new ordinary shares of 5p each. A further £1.6 million in cash will be paid to represent HELM's surplus cash balances on completion.

Some 60 per cent of HELM's revenue is generated outside the UK and the company is currently undertaking assignments in Ireland, Europe, Asia and Africa. In the UK, HELM works with a range of local and central government clients in England, Scotland and Northern Ireland.

In the unaudited management accounts for the year ending April 2008, HELM had gross assets of £7.9 million and achieved normalised operating profit of £3.4 million on turnover of £14.7 million.

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