Specialist engineer to be bought back by former owners
Engineer Adams Kara Taylor is to be sold off by WYG because of difficulties integrating it into the business.
Announcing results to the City this morning, WYG said that it was soon sell off the specialist outfit back to former directors who are backed by another firm.
“We are currently at an advanced stage in negotiations to sell the business of Adams Kara Taylor to a management team backed by Tyréns AB, a Swedish consultancy firm,” it said.
David Wilton, finance director, said that that WYG had not been able to integrate AKT as much as it had wanted.
“It doesn’t sit comfortably within the corporate structure,” he said. “It’s a pretty self contained business. We’re opening up the group so there’s a lot of cross working.”
He said a sell-off would happen in “weeks” to the former owners, including Hanif Kara, but that WYG would continue to work closely with the business.