Project Apollo Limited agreed to acquire Petrel Ltd from Chamberlin plc (AIM:CMH) for £3 million on February 21, 2024. The consideration consists of £3 million (on a cash free, debt free and normalised working capital basis). The proceeds of the Disposal are expected to both reduce the Group's liabilities by approximately £2.6 million and contribute an exceptional profit of no less than £2.0 million, in FY24.

Completion of the Disposal is solely conditional upon the Project Apollo Limited being satisfied that Petrel has ceased to participate in, and is no longer an employer in, the Chamberlin and Hill Staff Pension and Life Assurance Scheme. In order to fund the satisfaction of this condition, the Purchaser has agreed to pay £0.85 million of the Headline Consideration upon entering into the Disposal arrangements. As well as satisfying Petrel's statutory liability to the Chamberlin DB Pension Scheme, the net proceeds of the Disposal will also be used to pay £0.65 million to HSBC to reduce the Group's debt and release certain charges over the shares and assets of Petrel, with the balance of the net proceeds, assuming the deferred consideration is paid in full, of approximately £1.1 million being applied to the Group's growth strategy and working capital.

Petrel's turnover in the year to 31 May 2023 was £3.83 million. The book value of Petrel's assets as at 31 May 31, 2023 was £4.5 million. Katy Birkin, Stephen Keys, and George Lawson of Cavendish Capital Markets Limited acted as financial advisor to Chamberlin.