23rd December 2011
Gavin Wheeldon has sold his translation firm Applied Language Solutions (ALS) to Capita in a deal worth up to £67.5m.
Mr Wheeldon will receive an initial £7.5m for the business, but could receive up to £60m more if the business hits performance targets over the next four years. He set up ALS in 2003 from his bedroom in Huddersfield and has grown sales to £10.6m in the year to May 2011, on which it declared an operating loss of £300,000.
[...] In August, it was awarded a major framework contract with the Ministry of Justice to carry out translation services for it, for Her Majesty's Courts and Tribunal Service and the Crown Prosecution Service.
ALS will become a standalone business within Capita and will continue to be run by Wheeldon.