Bolton firm signs £57 million deal
A BOLTON businessman has signed a £57.5 million deal which will create 12 jobs in the town.
Health IT provider Ascribe, based in Westhoughton, has merged with Yorkshire firm, EMIS Group in the multi-million deal.
EMIS Group supplies IT for more than 50 per cent of GP practices in the UK.
Executive chairman of Ascribe, Stephen Critchlow, said the deal would led to a “revolutionary change in patient care in this country, and from Bolton’s point of view, the deal is very positive”.
Mr Critchlow founded the company 25 years ago after he worked as a pharmacist at the Royal Bolton Hospital.
He said: “I am absolutely delighted to announce this deal.
“The structure of the company will remain the same, and a dozen new jobs will be created immediately.”
A number of new roles have been created, including computer development and administration.
This deal is aimed at improving patient safety by giving practitioners and medical specialists more access to patients’ medical records.
To fund the deal, EMIS Group have issued £27.1m in shares and the remaining money needed will be covered by EMIS Group’s cash resources and a debt facility with Yorkshire Bank.
There are no plans to move Ascribe’s jobs or offices out of Bolton, as EMIS will work with Ascribe remotely.
Ascribe will also still operate as Ascribe Ltd.
Mr Critchlow said: “This deal is about more than figures, it’s about cutting down the number of patients who die each year because of inadequate care.
“This is the kind of deal that politicians have dreamt of for years, and I’m very happy that we now have the capability to deliver it.”
He added: “We’re delighted to be joining forces with EMIS Group, which we believe is the natural partner to take the Ascribe business to the next stage of its development.
“Our shared vision is for patients to benefit from all the information collected about their health and care across primary, secondary, social and community settings.”
Ascribe was listed on the London Stock Exchange from 2004 to 2009.
In the years 2012 and 2013, the company reported a revenue of £24m.
It has offices in Nairobi, Hong Kong and Malaysia amongst others.
Ascribe and EMIS now have a combined 1,500 staff.
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