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AIM-listed employment consultancy company Wyatt Group has announced the acquisition of TEBC, an employee benefits consultancy.

The deal is initially worth £150,000, plus two deferred payments of £75,000 to be made on the first and second anniversaries of completion. There will also be a deferred contingent consideration capped at £300,000 based on the turnover of TEBC.

In order to finance the acquisition, non-executive chairman Bob Holt will loan the company £100,000. The loan is unsecured and will carry an annual interest rate of 3 per cent above the Bank of England base rate.

The business will operate alongside existing benefits consultancy subsidiary Premier Employer Solutions to strengthen its consultancy services to customers.

TEBC’s 2007 financial statements show it made a profit before tax of some £65,000 on turnover of £388,000.

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