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Date: Monday 13 Oct 2008

LONDON (ShareCast) - Utility billing services group Spice has completed the acquisition of Morrel Consulting, a provider of specialist consultancy services to the water industry.

Spice is paying an initial cash consideration of £150,000 plus up to £5.07m dependent on its performance for the two year period ending October 2009.

“The acquisition of Morrel significantly enhances our Distribution Division's water service offering and moves us further up the value chain,” Spice chief Simon Rigby.

“Through combining our nationwide network of operatives with Morrel's software application, we are in a strong position to assist our utility customers in maximising their revenue streams.”

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