The values stated above represent the final at acquisition fair values consolidated by the Group.

The Group acquired 100% of the share capital and voting rights of Noonan Topco Limited (UK), holding company of the Noonan Services Group (Noonan), with effect from 1 September 2017. Noonan, which is based and operates throughout the Republic of Ireland and in the United Kingdom, has a clear leadership position and a 40-year track record of delivering high-quality integrated facility management services and solutions. Its services include soft, technical and ancillary services and range from cleaning and security to building services and facilities management. The board believes that Noonan’s business model and geographic presence will be complementary to Bidvest’s Service division. The purchase price was funded by way of a three-year euro-denominated offshore credit facility at an attractive variable interest rate.

Effective 1 October 2017 the Group acquired 100% of the share capital of Ultimate Security Services Limited (USS). USS, a building security company operating primarily in London (United Kingdom), provides building security risk management solutions, “front of house” security management, reception services and mail-room handling services to more than 240 of London’s most prestigious and iconic locations. USS was founded in 1999 and currently has a staff complement of 2 100 experienced security officers. The acquisition enhances the service offerings provided by Noonan. The purchase price was funded by way of the euro-denominated offshore credit facility arranged to fund the acquisition of Noonan.

The Group also made a number of less significant acquisitions and disposals during the year. These acquisitions were funded from existing cash resources.

Goodwill arose on the acquisitions as the anticipated value of future cash flows that were taken into account in determining the purchase consideration exceeded the net assets acquired at fair value. The directors believe that the goodwill of the acquisitions reflects, the expectation that the businesses will continue to generate new customers over time, the acquired workforce (which is not an identifiable asset for financial reporting purposes), and the growth opportunities. The acquisitions have enabled the Group to expand its range of complementary products and services and, as a consequence, has broadened the Group’s base and geographic reach in the marketplace.

Trade receivables acquired above are stated net of impairment allowances of R18,0 million (2017: R31,1 million). There were no significant contingent liabilities identified in the businesses acquired.

The impact of these acquisitions on the Group’s results can be summarised as follows:

With effect from 1 February 2018 the USS acquisition was integrated into Noonan Services.