Gateley Holdings PLC - Birmingham, England-based legal and professional services group - Buys Richard Julian Associates Ltd for a total consideration of GBP6 million. This includes an earn out based on the earnings before interest, tax, depreciation and amortisation achieved in its financial year ending April 30, 2024 and financial 2025. Says will pay an initial consideration of GBP3.9 million, of which GBP2.0 million will be paid in cash from a revolving credit facility and GBP1.9 million by allotment and issue of new ordinary shares in Gateley at a price of 10 pence each. RJA is a Leicester, England-based chartered surveying practice with a focus in the construction industry.
Gateley Chief Executive Officer Rod Waldie says: "RJA has a strong track record of growth, excellent relationships with clients, a dedicated and positive culture and an ambitious management team, qualities which closely match Gateley's business and culture."
Current stock price: 149.50 pence, flat on Thursday
12-month change: down 22%
By Sabrina Penty; Alliance News reporter
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Gateley Holdings (GTLY)