The marketing services group will initially pay £10 million in cash and £5 million in Chime shares to buy Fast Track Sales Limited and its subsidiaries. A deferred consideration, payable on the average profits for the three years from the start of 2010 to the end of 2013, could see total payments reach a maximum of £43 million.
The four principal shareholders and directors of Fast Track - Alan Pascoe, Edward Leask, John Ridgeon and Jim Glover - will remain with the Group under their existing contractual arrangements.
“This is a huge opportunity to enable our staff and clients to benefit from a broader range of marketing service skills,” said Alan Pascoe, Chairman of Fast Track. “This is an exciting time for our client’s partnership programmes within all sports as we continue the countdown to the London Olympic and Paralympic Games in 2012 and the legacy beyond.”
Fast Track currently employs a team of over 90 people and has created sponsorship programmes and events for clients such as Aviva, Camelot, Heineken, Land Rover, Sainsbury’s, The National Lottery, UK:Athletics, Visa Paralympic World Cup and Volvo.
