DTZ has bought the New Homes division of Robert Powell & Co, a Birmingham-based agent and surveyor, as it pushes ahead with plans to expand its residential division nationwide.
The division, which sells newly built and converted homes, will be renamed DTZ Robert Powell & Co, with three full-time staff and a sales team of 12.
DTZ is paying £300,000 for the division, £200,000 on completion of the deal and then £100,000 on its first anniversary comprising £75,000 cash and £25,000 in shares.
Up to £1.3m extra will be paid over the following two years, depending on how the business performs.
The extra payment is forecast to amount to around £360,000.
EGi News 02/07/02
