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Artisan share issue to drive acquisition

ARTISAN (UK), the Aim-listed commercial and leisure industry contractor, this week announced plans to raise £2.5 million and

acquire Herts-based contractor Joseph Driver Building.

The firm is issuing more than 46 million new shares at 6p each to make acquisitions and to fund extra working capital.

Artisan is paying about £1.25 million plus a further payment of up to £450,000 to buy Tring-based Driver. The business made a pre-tax profit of £206,000 in the year ending March on a turnover of £4.8 million.

In May, Artisan chairman Stephen Dean said all the firm's markets remained buoyant and its leisure contracting arm, Speymill Contracts, was moving into new sectors, including hotels and restaurants.