Buyer will create a new UK subsidiary with collapsed firm
International project management group Confluence has bought the project management arm of failed contractor Pettifer for an undisclosed sum.
Guy Scott, Confluence's managing director, said the firm was creating a new UK subsidiary, Confluencepcm, bringing together the two companies. Family-run Pettifer collapsed at the end of last month owing to some problem jobs in 2007 and the downturn.
A number of suitors have been circling the project management arm of the business, which employs 65 people in the UK, since administrators were called in November.
Scott said all of the staff members would be retained, making a 75-strong firm in total. Confluence, based in Australia, employs 250 people in offices across the world and has a turnover of about £20m.
PCM's principle clients are Ikea and Honda, whilst Confluence specialises in project managing schemes in the hotel and hospitality sectors, including the planned Tiger Woods golf course in Dubai.
Scott said: “The merger offers huge potential, and we'll certainly see some key initiatives in the New Year, looking at how we can leverage the UK base internationally.”
PCM's regional offices in London, Glasgow, Leeds, Manchester and Birmingham will be retained, though head office staff will relocate to Confluence offices in Canary Wharf over Christmas.
Scott said Confluence was not assuming any of Pettifer's debts, but that the terms of the deal prevented him from commenting on the price of the buyout.
Geoff Heppell, newly appointed UK country manager of Confluencepcm said the two companies presented a “formidable team.” He said: “Confluence's international network and depth of experience complements our proven track record of quality service to the UK market.”