AIM-listed estate agent Humberts has completed the purchase of a Kent- and Sussex-based architect practice for £1.75m.
The purchase of the Gale and Dunn Partnership follows the company’s strategy of increasing its property services division and diversifying income streams.
Humberts will pay £667,677 in cash and £333,333 by the issue of 347,222 new ordinary shares in Humberts, followed by a deferred performance-related payment of up to a maximum of £750,000, payable two-thirds in cash and one-third in shares over the next three years.
In the year to 28 February 2007, Gale and Dunn generated profits before tax of £346,106 and had net assets before dividend distribution of £35,285.
Max Ziff, CEO of Humberts, said: “The decision to acquire an in-house firm of architects is in line with our stated strategy of diversifying revenue streams and improving the level and type of services we can provide our clients.
“The incorporation of what is an already successful architectural business into Humberts will allow us to do exactly that and give us access to their client base.
“Ultimately, we will be seeking to acquire a similar type of practice within each of our key regions.”
