1 Apr 2011 07:00
WYG SELLS ADAMS KARA TAYLOR
WYG plc ('WYG' or 'Company'), the global management and technical consultancy announces the sale, by WYG Engineering Limited, of part of its UK engineering business, Adams Kara Taylor ('AKT'), to AKT2 Limited, a company backed by AKT management and Tyréns AB for cash consideration of £3.75 million.
WYG (then White Young Green) acquired AKT in November 2006 to develop its then UK Engineering Business Unit through the addition of a high-end design business with a strong reputation for quality. Since that date, AKT has operated under WYG's ownership as a near stand-alone entity working principally alongside international architects and academic institutes.
As WYG continues to reshape itself in line with its three-part strategy, it has become evident that the AKT business model, which is more suited to independent ownership, does not fit within WYG's new globally integrated capability led business model.
AKT employs c.120 people and, in the year ended 30 June 2010, generated revenues of £12.3m, with profit before tax of £0.6m. AKT's gross assets as at 30 June 2010 were approximately £2.1m. The proceeds of sale will be applied in accordance with the terms of the Company's finance arrangements with its lenders.
Tyréns AB is one of Sweden's leading consultants within urban and rural planning with approximately 1,000 employees operating from more than 20 offices in Sweden.
Paul Hamer, Chief Executive Officer, WYG Group, said: "AKT has been a valued member of the WYG Group over the past four years, particularly in contributing to delivering technical excellence to global clients. WYG and AKT2 will continue to collaborate on projects of mutual interest in key global regions and I wish the management of AKT every success in taking the business forward.
"Looking ahead, our ambition is to continue on our journey which will see us offering technical expertise across our chosen markets to capture market share by serving our existing and new clients well."
For further information, please contact:
WYG plc
Paul Hamer, Chief Executive Officer Tel: 0113 278 7111
David Wilton, Group Finance Director
Arbuthnot Securities Limited (Nominated Adviser and Broker)
Nick Tulloch / Ed Gay Tel: 020 7012 2000