8th Mar 2016 10:09
LONDON (Alliance News) - Construction consultancy Sweett Group PLC on Tuesday said it has received a claim from the buyer of its Indian and Asia-Pacific business for an adjustment in the purchase price of the assets.
Sweett agreed to sell the assets to Currie & Brown Holdings Ltd for GBP9.3 million in cash in October last year, since which time Currie & Brown has undertaken a review of the accounts of the assets it acquired and has concluded a GBP1.8 million adjustment should be made in Currie & Brown's favour.
Sweett said it has reviewed the draft accounts produced by Currie & Brown and though it would back an adjustment of GBP540,000, primarily due to exchange rate movements, it disputes a number of matters, including the treatment of client balances, the accounting policies and practices used by Currie & Brown and its interpretation of the sale documents on the overall deal.
The pair have agreed to hire an independent accountant to handle the adjustment determination.
Sweett shares were down 8.9% to 20.5 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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