6 Jan 2016 07:00
06 January 2016
WYG plc
Acquisition of Signet Planning Limited
WYG plc (WYG), the global programme, project management and technical consultancy, today announces the acquisition by its subsidiary WYG Environment Planning Transport Limited, of the entire issued share capital of SCA Planning Limited which trades under the name of its subsidiary, Signet Planning Limited (Signet Planning) for an enterprise value of £3,735,000, further cementing WYG's position as a top three planning consultant in the UK.
The acquisition is in line with WYG's strategy of growing quality revenues both organically and through selective acquisitions. For the year ended 31 March 2015, Signet Planning reported turnover of £3.5 million, profit before taxation (and after the remuneration of its owner-directors) of £0.7m, and net assets of £1.3m.
Signet Planning is a fast growing town planning and urban design consultancy. Established by Simon Chadwick, James Hobson and Ian Rowe in 2005 in Harrogate with five employees initially, Signet Planning has since opened offices in Newcastle and London in 2007, in Nottingham in 2008 and in Manchester in 2015 growing to become a 37-strong team. It is well positioned to achieve further growth, especially in the London commercial development market, the residential sector generally, and through opportunities driven by the UK government's Northern Powerhouse agenda. Signet Planning's clients include: Quintain, Peveril Securities, Arena Racing, Story Homes and JD Wetherspoon.
Of the total consideration for the acquisition, £3.5m is payable in cash on completion with the balance due on the anniversary of completion subject to the satisfactory collection of book debts and work in progress. Simon Chadwick and three other principal directors have agreed to lock-in provisions for the next three years and have also entered into new employment agreements with WYG Environment Planning Transport Limited.
Paul Hamer, Chief Executive Officer, WYG commented:
"We are delighted to be joined by Simon Chadwick, and his colleagues in Signet Planning. We are confident that they will be a significant enhancement to WYG's planning and urban and landscape design capabilities.
"Following our recent acquisitions of Alliance Planning, FMW Consultancy and North Associates, we now have more than 140 planning specialists representing the third largest team in the UK. This leading market position leaves us well placed to take advantage of the strong demand we expect for these specialist skills within a buoyant UK market for property and infrastructure development."
ENDS
WYG plc Tel: 0113 278 7111
Paul Hamer, Chief Executive Officer
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