Hummingbird Resources Regulatory News (HUM)

12 Apr 2007 07:00

Humberts Group PLC12 April 2007 Humberts Group plc ("Humberts" or "the Group") Acquisition of an architects practice strengthens the Group's property services division Humberts (AIM: HUM), the national group of full service estate agents andvaluers, announces that, in line with its stated strategy of growing itsproperty services division and diversifying income streams, it has completed theacquisition of The Gale and Dunn Partnership ("Gale and Dunn"), a Kent andSussex based high-end architect's practice, for a total consideration of up to£1.75 million. The consideration will be satisfied by an initial consideration of £1 million,£667,677 payable in cash and £333,333 to be satisfied by the issue of 347,222new ordinary shares in Humberts, followed by a deferred performance relatedpayment of up to a maximum of £750,000 payable two thirds in cash and one thirdin shares over the next three years. Gale and Dunn specialises in the provision of architectural services, includinginterior design for country houses, restaurants, retail, schools, communityprojects, residential and commercial development, as well as related consultancyservices. The acquisition will enable Humberts to offer corporate and privateclients a greater range of services, whilst also gaining access to Gale andDunn's extensive contacts and knowledge base. 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. Established in 1998, some of its recent notable projects include private housesin Cheyne Walk, The Boltons and Egerton Crescent, London. In addition, a newblock of offices and flats in Battersea, high quality housing developments inKent and East Sussex and ongoing works at Benenden School, Kent and otherschools in the South East of England. Max Ziff, Chief Executive Officer of Humberts, commented: "The decision toacquire an in-house firm of architects is in-line with our stated strategy ofdiversifying revenue streams and improving the level and type of services we canprovide our clients. The incorporation of what is an already successfularchitectural business into Humberts will allow us to do exactly that and giveus access to their client base. Ultimately, we will be seeking to acquire asimilar type of practice within each of our key regions." Jonathan Gale, co-founder of Gale and Dunn, added: "Since we set up Gale andDunn in 1998, the company has grown significantly and now undertakes around 60projects a year, ranging between £150,000 and £5,000,000. As part of the Humberts Group we will be looking to expand on our successes to date, whilst working withthe Group's other divisions to create new business opportunities andleverage potential synergies, particularly in the residential sector." For further information:Humberts Group plc: Nigel Cartwright, Chief Financial Officer: 020 7318 1273 Tavistock Communications: 020 7920 3150Richard SunderlandRachel Drysdalerdrysdale@tavistock.co.uk The Gale and Dunn Partnership 01797 225 200Jonathan GaleJonathan Dunn Notes to Editors Humberts Group plc Humberts Group Plc is the UK's largest mid market independent national firm ofland and estate agents. It provides a full range of residential, rural,commercial, land and financial services targeting the middle / upper end of themarket. In late 2005, the Company, then named Farley Group plc, with one office incentral London, embarked on an ongoing strategic acquisition programme. Ittargets regionally based estate agent enterprises across the UK, which areearnings enhancing in year one and whose management 'buy in' rather than 'sellout'. This included the acquisition of the business of Humberts in November2005, which incorporated a mixture of 39 owned and franchised offices. Now one of the industry's main consolidators, the Group has 68 offices and apipeline of acquisitions identified for 2007. In line with an ongoing strategic investment in the Humberts brand, the Group'sname was changed from Farley Group plc to Humberts Group plc in December 2006.Additional investment includes a new technology platform and refurbished officesfor the unified group. Organic growth and diversification is being furtherpromoted by the recent establishment of three new divisions: Land & New Homes,Financial Services and Lettings and Management. In November 2006, Humberts successfully raised £11.4 million (gross) to enableit to further pursue its strategy of expansion through acquisition and organicgrowth, office refurbishments and rebranding. Humberts trades under the symbol HUM and is currently capitalised at around £55million. For further information, please visit www.humbertsgroup.co.uk. The Gale and Dunn Partnership The Gale and Dunn Partnership Limited was formed in 1998 and combines theprofessional experience and portfolios of Jonathan Gale and Jonathan Dunn. Bothpartners were elected members of the Royal Institute of British Architects in1984. Clients of Gale and Dunn range from private clients involved with houses,developers undertaking residential and commercial schemes, to trustees ofschools and sports foundations. The company acts for corporate and localauthority clients, as well as specialist clients including restaurants,exhibitions spaces and the music industry. Gale and Dunn's projects are primarily located in London and the south east,with a handful of projects being commissioned outside the UK. This information is provided by RNS The company news service from the London Stock Exchange