7th Jun 2016 08:35
LONDON (Alliance News) - Sweett Group PLC on Tuesday said it has been ordered to pay GBP1.3 million to the buyer of its Indian and Asia-Pacific business for an adjustment in the purchase price of the assets, after an independent accountant was hired to handle the adjustment determination.
Sweett agreed to sell the assets to Currie & Brown Holdings Ltd for GBP9.3 million in cash in October last year, following which Currie & Brown undertook a review of the accounts of the assets it acquired and concluded a GBP1.8 million adjustment should be made in Currie & Brown's favour.
In response to the claim, Sweett had said it 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 disputed a number of matters. Both agreed to hire an independent accountant.
Sweett on Tuesday said independent accounting and consulting firm Grant Thornton delivered its determination of the matter and confirmed Sweett is to pay GBP1.3 million of the GBP1.8 million originally claimed.
This concludes the matter, Sweett said.
Shares in Sweett were up 0.3% at 34.60 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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