The Board of Myhome, a leading provider of franchised service operations, ispleased to announce that it has conditionally agreed to acquire Edwin Investments Limited (known as ChipsAway Group), for an initial consideration of approximately £16m, with further payments of up to £4m dependent upon future performance. 

ChipsAway is a mobile service delivered to customers' homes and offices, repairing scratches,chips and other minor damage to car paintwork using proprietary technology. TheChipsAway Group also includes Professional Car Cleaning, a mobile valeting service. 

The Company, as enlarged by the Acquisition, will, the Directors believe, become one of the largest UK franchise operators. The Enlarged Group will operate 12 franchise brands, comprising over 800 franchise territories and 1,000 vehicles in the UK, as well as international representation in 14 countries.