2 November 2005
White Young Green, consultant to the built, natural and social environment, today announces the acquisition of the entire issued share capital of Doy Webster Holdings Limited ("Doy Webster").
Doy Webster is a privately owned mechanical and electrical consultancy services business based in London.
The consideration payable at completion by WYG was £1,800,000, being £700,000 in cash and £1,100,000 satisfied by the issue of 326,120 ordinary shares ("the Consideration Shares"). Application has been made for these Consideration Shares to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's market for listed securities. Dealings are expected to commence on 7 November 2005. In addition, further consideration (payable in ordinary shares and / or loan notes at WYG's option) of up to a maximum of £700,000 is due if certain performance criteria are met in the first year of trading under WYG's ownership.
For the year ended 31 March 2005 the profit after taxation of Doy Webster as extracted without material adjustment from the financial statements for that year was £128,690 on turnover of £2,278,813. The net assets of Doy Webster at
31 March 2005 were £411,182, comprising fixed assets of £22,574, current assets of £657,451 and current liabilities of £268,843.
All of the directors of Doy Webster have signed contracts of employment with the WYG group.
John Purvis, Chief Executive commented:
"The acquisition of Doy Webster further strengthens White Young Green's engineering business in the important south east of England. Their strong reputation and specialist building services expertise in the high rise residential, mixed use development and healthcare markets adds value and increases our capacity in those sectors at a time of increased opportunity. They also work extensively for many of the major construction contractors who are offering a fully comprehensive design and build service to their clients."