A Thames Valley accountancy firm is supporting the expansion of fast growing AIM quoted Berkshire-based business Science in Sport plc after being appointed as auditors.
Science in Sport (SiS), a leading sports nutrition company, commenced trading on the AIM market of the London Stock Exchange in August following a demerger from the AIM listed Provexis plc.
Chantrey Vellacott DFK, which has its Thames Valley offices on Queens Road in Reading, was appointed as the auditor to Provexis plc this summer.
Chantrey Vellacott DFK also acted as reporting accountant and tax advisers for the demerger from Provexis and listing on AIM of Science in Sport, and the firm will continue to act for both companies.
Science in Sport has been a pioneer in sports nutrition for more than 20 years and its brand ambassadors include Great Britain Olympians Sir Chris Hoy, Helen Jenkins and Rebecca Romero.
The SiS business was acquired by Provexis in June 2011 and has grown substantially in the last two years.
Provexis plc develops, licenses and markets scientifically-proven functional food technologies, including Fruitflow, a patented, scientifically-proven tomato extract which contributes to healthy blood flow.
Fruitflow was the first technology to be substantiated by the European Food Safety Authority (EFSA) for proprietary and emerging science.
Neil Tustian, partner at Chantrey Vellacott DFK, said the two companies are well-placed to continue their strong growth following the demerger.
He said: “We’re delighted to be able to assist in the growth and development of both Provexis and Science in Sport and to help bring another company to AIM.
“Science in Sport is one of the most respected and well-known brands in sports nutrition and Provexis has enjoyed strong success through its Fruitflow business.
“The separation of the businesses will enable both companies to focus on their core activities and grow independently of one another.”
Ian Ford, Finance Director at Provexis plc, which is headquartered in Windsor, added: “The demerger will allow Provexis and Science in Sport to pursue their strategic objectives independently with greater control over resources and opportunities, and it has provided the company’s existing shareholders with added flexibility in their investment decisions.
“We’re delighted to have completed the deal, and value the support Chantrey Vellacott DFK has afforded us throughout the process.”
The demerger deal was completed with the support of Cenkos Securities plc and Shoosmiths LLP.
