11th Feb 2016 09:07
LONDON (Alliance News) - Architect and interior design firm Aukett Swanke Group PLC said it has agreed to buy Shankland Cox Ltd for a maximum of AED16.0 million, or around GBP3.0 million.
Shankland Cox is an architecture and engineering firm operating throughout the United Arab Emirates, incorporated in the UK.
This consideration will be paid via GBP1.1 million in cash on completion, with the balance to be paid against the collection of Shankland's debtors and work in progress following completion.
Aukett Swanke will fund the initial consideration via a loan provided by its bankers. The seller of Shankland has agreed to remain at the company for at least two years following completion, and will chair Aukette Swanke's enlarged Middle East operation, it said. The seller of Shankland was not named in the announcement.
Shankland made a pretax profit of GBP34,000 on revenue of GBP4.6 million in the year to end-March 2015.
"We have been seeking to augment our Middle East offering for some time. The addition of Shankland to our operation is therefore significant. It demonstrates our long term commitment to the region and creates an enterprise of 146 staff making us a major player in the UAE professional services market," said Chief Executive Nicholas Thompson in a statement.
Shares in Aukett Swanke were untraded Thursday morning. They last closed at 6.11 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Aukett Swanke