Christie Regulatory News (CTG)

18 Jan 2005 15:00

Christie Group PLC18 January 2005 Christie Group plc completes acquisition of West London Estates and names David Larkin as Chairman of Pinders Christie Group plc announced that Pinders today completed the purchase of WestLondon Estates (WLE). WLE is a Reading-based firm of Chartered Building Surveyors providing a range ofservices to a cross section of corporate, private and public sector clients.The company had net assets of £265,000 at 31 October 2004. The addition of WLE to Pinders' existing team of Building Surveyors and ProjectManagers will serve to accelerate the Company's growth by broadening itsnational client base and increasing the opportunities to target larger and morevaried work. Following renegotiation of the terms of third party financing referred to in the2004 interim accounts, Group borrowings were reduced by a net £2.4 million witha commensurate exceptional credit. After the acquisition of WLE the Group'sbank borrowings will total approximately £2.5 million. *** In further news Christie Group plc today also announced that Mr David J W Larkinhas accepted an invitation to become Chairman of its subsidiary, Pinders, theUK's leading independent business appraisal company. Mr Larkin, who will take up the part-time role with immediate effect, takes upthe newly created position following a distinguished 29-year career in propertywith Jones Lang Wootton, now Jones Lang LaSalle, a global leader in the deliveryof real estate professional services. His senior executive roles included International Director and Chairman of JonesLang LaSalle Insurance Services, Chairman of Asset Management business group,and Member of Jones Lang Wootton Finance and Administration Committee, whichmanaged the firm's global business interests and the financial management of itsEuropean operation. He has been involved in many significant property transactions and developments,including Canary Wharf and Victoria Plaza in London, and Exchange Square andPacific Place in Hong Kong. Aged 56, he is a Fellow of the Royal Institution of Chartered Surveyors. Healso serves as Chairman of the Investor's Committee for the Property IncomeTrust for Charities. "We are delighted that David will be taking up the chairman's role in Pinders,"said Christie Group CEO David Rugg. "His experience will be invaluable as weexpand Pinders' leadership position and realise its full potential." Ends 18 January 2005 Contact Christie Group plc Philip Gwyn (Chairman) David Rugg (CEO) Robert Zenker (Finance Director) all on +44 20 7227 0707 Brunswick Group LLP Ash Spiegelberg +44 20 7396 5319 Notes to Editors Christie Group plc is a business services and software group with three businessdivisions: Professional Business Services, Software Solutions; and Stock andInventory Services. The three complementary businesses focus on the leisure,retail and care markets. Christie Group has 30 offices across Europe - locatedin the UK as well as in Belgium, France, Germany, Italy and Spain, and 1 officein Canada. Pinders is a subsidiary of the Christie Group focused on valuations,consultancy, building survey, project management and professional services for abroad range of clients in the leisure, retail and care sectors. This information is provided by RNS The company news service from the London Stock Exchange