Shearwater Regulatory News (SWG)

12 Jul 2007 07:01

Scott Wilson Group plc12 July 2007 For immediate release 12 July 2007 Scott Wilson Group plc Acquisition of McLay Collier Supports Property Growth in Scotland Scott Wilson Group plc ("Scott Wilson" or "the Group"), the internationalconsultancy offering integrated professional services in the transportation,property, environment and natural resources sectors, today announces that it hasreached a conditional agreement to acquire the business of McLay Collier LLP fora goodwill payment of £2.7m. The acquisition is expected to be completed on 25thJuly 2007. McLay Collier operates in the property sector in Central Scotland. It was formedfrom two well-known local partnerships in 1992 and has a track record inhousing, retail, health, education and industrial sub-sectors providing servicesin structural engineering. Based in Glasgow McLay Collier employs 30 technicalstaff and four Partners. The initial consideration payable on completion is £1.2m in cash. There is adeferred consideration of £1.5m in total of which £1.0m is payable in cash and£0.5m by the issue of Scott Wilson Group plc shares over a two year period. (Inaddition the vendors will be paid for the net assets that will transfer to ScottWilson. This payment is expected to be £0.7m and will be settled through theissue of £0.5m in Scott Wilson Group plc ordinary shares upon completion and£0.2m in cash upon confirmation of the net asset value.) McLay Collier LLP 's unaudited revenue for the year-ended April 2007 was £3.2m.In the current financial year the business has continued to make good progress. Geoff French, Chairman of Scott Wilson commented: 'I am delighted to announce today that we have acquired McLay Collier LLP. Theacquisition is a further step in line with our stated strategy to complementorganic growth and will also help to balance the sector portfolio of ourScotland & Ireland Division. McLay Collier bring new resources and experienceto meet the Group's growing demand and will enhance our reputation in theproperty sector in Central Scotland.' For further information please contact: Scott Wilson Group plc www.scottwilson.comGeoff French, Chairman 01256 310 200Stephen Kimmett, Finance Director 01256 310 200Lak Siriwardene, Head of Communications 07824 311762 Financial DynamicsCharlie Armitstead 020 7269 7291Richard Mountain 020 7269 7291 Scott Wilson Group plc Scott Wilson Group plc, with over 5500 members of staff, is an internationalconsultancy offering integrated professional services in the transportation,property, environment and natural resources sectors. The Group has doubled in size over the past few years and from its UKheadquarters currently controls a worldwide network of 80 offices, of which 40are in the UK. The main international centres are located in China, Hong Kong,India, SE Asia, the Middle East, Eastern Europe and Southern Africa. Considerable progress has been made over the past year with a significant numberof high profile contract wins. These include the East London Line, AirdrieBathgate Rail Link, London Crossrail, Three Counties Alliance, Combe Down MineStabilisation, Bahrain Islands Developments, and Greece Ionian Motorway. Scott Wilson was awarded 'New Company of the Year' at the 2007 UK PLC Awards, 'Major Firm' at the 2007 NCE/ACE Consultants of the Year Awards, 'Best InvestorRelations for a New Issue' at the 2007 IR Magazine Awards, and 'IPO of the Year'at the 2006 Shares Magazine Awards. www.scottwilson.com This information is provided by RNS The company news service from the London Stock Exchange