PipeHawk agrees to acquire Thomas Engineering Design for £1

Dynamic electronic systems development company PipeHawk agreed to acquire Thomson Engineering Design for a consideration of £1, it has emerged on Wednesday.

According to PipeHawk, acquisition of the product design and development solutions company will provide significant access to the rail industry through its subsidiary QM Systems.

QM Systems's innovative design and manufacturing expertise would also improve PipeHawk's marketing offering and subsequent delivery.

In its most recent financial year, Thomson’s recorded unaudited revenues were approximately £800,000, alongside an unaudited loss before tax of £22,000 on a turnover of £393,000.

That said, the company also reported net liabilities of £10,000 at the end of that period, although the vendors of Thomson warranted that net assets at completion of acquisition would be in excess on £1.