Note2018
£000
2017
£000
Cash flow from operating activities
Net cash from operating activities263,7906,600
Cash flow from investing activities
Acquisition of businesses, net of cash acquired24(9,703)(11,798)
Acquisition of property, plant and equipment13(1,343)(1,802)
Proceeds from sale of property, plant and equipment6422
Payment of deferred and contingent consideration(3,546)(1,649)
Net cash used in investing activities(14,528)(15,227)
Cash flows from financing activities
Net proceeds from issue of share capital10,1619,531
Repayment of long-term borrowings(857)
Net change in short-term borrowings1,0003,000
Repayment of finance lease liabilities(343)(58)
Interest received6
Interest paid(722)(476)
Repayment of loan by EBT276722
Dividends paid8(3,558)(2,877)
Net cash generated from financing activities6,8138,991
Net change in cash and cash equivalents(3,925)364
Cash and cash equivalents at start of year4,1993,824
Exchange differences on cash and cash equivalents(21)11
Cash and cash equivalents at end of year17,182534,199
Cash and cash equivalents172,2484,588
Bank overdraft18(1,995)(389)
Cash and cash equivalents at end of year2534,199

Reconciliation of liabilities arising from financing activities

The changes in the Group's liabilities arising from financing activities can be classified as follows:

Long-term borrowings
£000
Short-term borrowings
£000
Lease liabilities
£000
Total
£000
At 1 January 20184,00015,00015919,159
Cash flows:
Repayment(343)(343)
Proceeds1,0001,000
Non cash:
Acquisition318318
At 31 December 20184,00016,00013420,134

Company number: 09010518