11th Aug 2014 07:44
LONDON (Alliance News) - Consulting firm RPS Group PLC Monday said it has agreed to acquire CgMs Holdings Ltd for up to GBP13 million in cash as it looks to strengthen its 'BNE: Europe' project management business.
CgMs is a planning and development services consultancy based in the UK which provides urban planning advice. RPS said there are growth opportunities within this market as the UK planning and development sector emerges from recession.
CgMs posted pretax profit of GBP2.1 million in the year to 30 June 2014, on revenues of GBP16.7 million and fee income of GBP11.2 million.
RPS will pay GBP7 million upon completion of the deal, with a further GBP3 million to be paid on the first and second anniversaries of the deal, subject to certain operational conditions being met.
Shares in the FTSE 250 constituent were trading up 0.7% at 258.20 pence early Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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