6th Mar 2020 10:37
(Alliance News) - Legal and professional services firm Gateley Holdings PLC said Friday it has acquired the Vinden Partnership Ltd for up to GBP6.8 million in cash and shares.
The Vinden Partnership offers corporate advisory and consultancy services in the property and construction markets.
Gateley will make an initial payment of GBP6.2 million, with 51% in cash and the other 49% paid by issuing 1.6 million shares at a price of 187.2 pence, totalling GBP3.0 million.
The deferred consideration of GBP600,000 will be paid based on Vinden's financial performance in the year to the end of August. This payment will be split 50:50 in cash and shares.
Once acquired, Vinden will trade under the name Gateley Vinden and is expected to add strength to Gateley's construction team, particularly its corporate advisory, dispute management and resolution expertise.
For the year ended August 31, Vinden's pretax profit was GBP800,000 on revenue of GBP4.7 million.
"I am pleased to welcome the Vinden team to Gateley. This is a team we know and trust. Their results driven, client centric and inclusive culture is fully aligned with Gateley's and we are confident that the integration process will be smooth and rapid. Bringing Vinden's skills in-house strengthens and expands our corporate advisory, dispute management and resolution expertise," said Chief Executive Officer Michael Ward.
On Monday, Gateley bought media law firm Paul Tweed LLP for GBP2.0 million in cash and shares, strengthening its presence in the Irish professional services market.
Shares in Gateley Holdings were down 2.8% at 188.00 pence on Friday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Gateley Holdings