Consultant expands business in Middle East with acquisition of international alliance partner
Cyril Sweett has completed the acquisition of its international alliance partner Jones Sweett.
The acquisition was made for £103,518 in cash and a mutual return of shares.
As a result of the takeover the consultant's joint venture agreement with D G Jones and partner has been cancelled and the alliance partnership will now be known as Cyril Sweett International Limited.
Jones Sweet mainly operates in the United Arab Emirates.
Cyril Sweett’s Dubai office, which was established through the partnership in September 2007, employs 25 staff and has an expected turnover of £750,000 for this year, with an order book of an estimated £2.6m.
The acquisition is Cyril Sweett’s first takeover since the company’s flotation in October last year. Chairman Francis Ives has revealed targets for the company’s international businesses’ revenue share to increase to 25% by 2010.
Dean Webster, chief executive, said the move was part of a wider international growth strategy.
He said: "Our Middle East operations are producing very encouraging results and we have had many notable appointments over the last year which includes a significant role on the world’s largest rail project, the Dubai Metro; the new Deira Palm retail mall and ‘The Ipad’ said to be the most technologically advanced buildings in the world.
"With construction activity forecast to grow consistently over the coming years in the Middle East, we plan to aggressively grow our business in the region, taking advantage of the immense market opportunity."