Totally completes £400,000 acquisition of physiotherapy centre

Totally has completed the acquisition of Optimum Sports Performance Centre, a provider of physiotherapy services, for up to £0.65m, which is part of the AIM-listed company’s 'buy and build' strategy.

The company aims to make value accretive acquisitions in the outsourced healthcare services market, which recent research has estimated to be worth more than £20bn a year.

An initial £400,000 payment has been funded out of the company’s existing cash resources, with additional deferred payments to be made in the future, based on financial performance.

The second payment will consist of an instalment equal to the audited earnings before interest, tax, depreciation and amortisation (EBITDA) of Optimum for the year ended 31 December.

The third will be a cash instalment equal to 75% of the audited EBITDA for the financial year ending 31 December 2017, with total consideration payable to not exceed £650,000.

Hertfordshire-based Optimum, which is the third acquisition in 12 months, is expected to be earnings enhancing with revenue and profit growth potential, said chief executive Wendy Lawrence.