28th May 2008 07:00
For Immediate Release 28 May 2008
Scott Wilson Group plc
Acquisition of Terence Lee Supports Global Metro Market
Scott Wilson Group plc, the international design and engineering consultancy, today announces that it has exchanged contracts to acquire the business of Terence Lee Partnership, a mechanical and electrical building services consultancy, for a maximum consideration of £1.3 million. The acquisition is expected to complete on 6 June 2008 following a staff consultation period.
The consideration payable on completion in cash is £1.0 million. A deferred consideration of £0.3 million in cash will be paid in two equal annual tranches subject to certain conditions being met.
Terence Lee Partnership was founded in 1978 and is headquartered in London. In the year ended 31 October 2007, Terence Lee Partnership had revenues of £0.8 million and profit before taxation of £0.2 million.
Scott Wilson and Terence Lee Partnership have been collaborating on a number of London Underground projects for more than six years and have developed a strong synergy. The acquisition represents an important step in Scott Wilson's strategy to grow a robust UK and International metro capability.
Geoff French, Executive Chairman, comments
"The Group is pleased to announce the acquisition of Terence Lee Partnership, further strengthening our metro ability and enabling us to take greater advantage of the growing international markets in this sector. We have already worked with Terence Lee Partnership for a number of years and look forward to building on an existing successful working relationship in providing a greater range of services."
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For further information please contact:
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Scott Wilson Group plc Geoff French, Chairman Sean Cummins, Finance Director Lak Siriwardene, Head of Communications |
01256 310 200 020 7798 5245 07824 311762 |
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Financial Dynamics Charlie Armitstead/ Charlotte Whitley |
020 7269 7291 |
Scott Wilson Group plc, with over 6,000 members of staff, is an international consultancy offering integrated professional services in the transportation, property, environment and natural resources sectors.
The Group has doubled in size over the past few years and from its UK headquarters currently controls a worldwide network of 80 offices, of which 40 are in the UK. The main international centres are located in China, Hong Kong, India, SE Asia, the Middle East, Eastern Europe and Southern Africa.
www.scottwilson.com
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