CCRE takeover will hit 35 jobs in merged company

News

Timon Karamanos-Cleminson

01 March 2003

Lesley Mason is to step down as chief executive of NAI Gooch Webster following the completion of its takeover by quoted agent Colliers CRE.

Mason will be involved in the integration process but will leave after it is under way. A new consultancy role is being negotiated for her.

She replaced Mike Roberts as CEO in May 2001 and was at the time hailed as the first women to head a major surveying firm.

The merged firm is expecting to make 5% of its workforce redundant following the £8.1m cash-and-shares deal.

CCRE, which is listed on AIM under the name Fitzhardinge, also announced its takeover of Scottish agent Fisher Wilson, for which it paid £2.5m in cash, shares and loan notes.

Fitzhardinge managing director David Izett estimated there would be around 35 redundancies “across the board” of the 700-strong combined workforce.

He said the jobs of both fee-earners and support staff were at stake.

“On the whole it’s an excellent fit, but there will be duplications on the cost side rather than the revenue side. It’s the people involved in processing work, rather than those who generate business, who will go. It is not appropriate to give anymore details at this time.”

Izett said annualised turnover for the enlarged group was now approaching £60m, putting it just outside the top 10 of the UK’s biggest agents.

The new firm will continue its international alliance with Colliers rather than NAI and keep the Colliers CRE name.

Izett said he hoped the move would enable CCRE to gain a better base in London. The company would start a recruitment drive to strengthen its team in the capital.

“We’ve made the most of our stock market float, which helped us to raise capital and to grow,” said Izett. He said the group could use that capital for future acquisitions.

Colliers CRE and NAI Gooch Webster operate in the same locations, except in Bristol, where only NAI Gooch Webster is active.

The other offices are in Glasgow, Edinburgh, Belfast, Manchester, Leeds, Birmingham, the City and the West End of London.

Izett said the company would merge its offices and aimed to have each of its teams in one building as quickly as possible.

Fitzhardinge will pay Gooch Webster’s 33 shareholders £8.1m by the issue of 6.9m of its shares and a £1.05m cash payment.

Lesley Mason is to step down as chief executive of NAI Gooch Webster following the completion of its takeover by quoted agent Colliers CRE. Mason will be involved in the integration process but will leave after it is under way. A new consultancy role is being negotiated for her. She replaced Mike Roberts as CEO in May 2001 and was at the time hailed as the first women to head a major surveying firm. The merged firm is expecting to make 5% of its workforce redundant following the £8.1m cash-and-shares deal. CCRE, which is listed on AIM under the name Fitzhardinge, also announced its takeover of Scottish agent Fisher Wilson, for which it paid £2.5m in cash, shares and loan notes. Fitzhardinge managing director David Izett estimated there would be around 35 redundancies “across the board” of the 700-strong combined workforce. He said the jobs of both fee-earners and support staff were at stake. “On the whole it’s an excellent fit, but there will be duplications on the cost side rather than the revenue side. It’s the people involved in processing work, rather than those who generate business, who will go. It is not appropriate to give anymore details at this time.” Izett said annualised turnover for the enlarged group was now approaching £60m, putting it just outside the top 10 of the UK’s biggest agents. The new firm will continue its international alliance with Colliers rather than NAI and keep the Colliers CRE name. Izett said he hoped the move would enable CCRE to gain a better base in London. The company would start a recruitment drive to strengthen its team in the capital. “We’ve made the most of our stock market float, which helped us to raise capital and to grow,” said Izett. He said the group could use that capital for future acquisitions. Colliers CRE and NAI Gooch Webster operate in the same locations, except in Bristol, where only NAI Gooch Webster is active. The other offices are in Glasgow, Edinburgh, Belfast, Manchester, Leeds, Birmingham, the City and the West End of London. Izett said the company would merge its offices and aimed to have each of its teams in one building as quickly as possible. Fitzhardinge will pay Gooch Webster’s 33 shareholders £8.1m by the issue of 6.9m of its shares and a £1.05m cash payment.