Hacas says it's business as usual while mystery bidder moves in

The company confirmed it had received an "approach, which may or may not lead to an offer". Hacas managing director Derek Joseph said the company would reach a decision on the bid by the end of June.

Housing sector sources are speculating that a large consultant such as Ernst & Young or KPMG, or a specialist such as Tribal Group, may be the bidder.

Joseph declined to comment on the identity of the bidder, but said: "This won't affect the work we do here or the staff we have. We wouldn't enter into anything that didn't give us more opportunities to pursue the business we're in."

News of the approach was released to the London Stock Exchange because Hacas has consulted its 150 permanent staff on the matter. Under stock exchange rules, Hacas has to make the information public if it consults staff about it.

This won’t affect the work we do or the staff we have

Derek Joseph, managing director, Hacas Chapman Hendy

The bid comes at a good time for the firm. Parent company Hacas Group – which is the listed body – this week announced a 43% jump in profit to £2.4m and a 19% rise in revenue for the six months to 31 March, compared with the same six months in 2002.

Turnover for the six months to 31 March was £8.19m.

Joseph attributed the jump to the purchase this year of the Stratford Development Partnership, and a continued increase in the complexity of the sector, increasing demand for consultants. Hacas has been criticised in the past for the dominance it exerts in the housing consultancy market, a position that allows it to make huge profits from largely non-profit customers.