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PLUS cash shell Harrier has completed a reverse takeover of web consultancy business Conchango with a view to transferring its shares to AIM. Harrier paid £31.1 million for the company, of which £1.5 million is in cash and the remainder in shares from a new placing.

The founders of Conchango, Michael Altendorf and Richard Thwaite, retain a majority stake in the business, while Harrier chairman Bob Morton (who becomes non-executive chairman of Conchango) will be left with six per cent of the company.

Some of those who hold share options in Conchango have agreed to exchange those options for shares in the quoted company. Others may choose to exchange their options for a mixture of shares and cash. The maximum amount of cash payable under these arrangements is £585,000.

Established in 1991, Conchango employs over 300 staff. Its turnover in the nine months to September was £26.5 million, with pre-tax profits of £2.3 million.

The business operates in the retail, media and entertainment, financial services, and energy and resources sectors. It has a strategic partnership with Microsoft and helps clients ‘deliver value from emerging digital channels’, with services including business consulting, business intelligence, enterprise architecture and systems integration.

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