Consultant plans expansion into China with aquisition of Hong Kong-based Widnell
Cyril Sweett has bought Hong Kong-based quantity surveying firm Widnell, the third largest QS in the Asia Pacific region.
Cyrill Sweet has agreed to pay a maximum of £5.4m for shares and a “further sum in recompense for a proportion of net assets”. Widnell’s proft after tax for the year up to 28 February 2010 was £1.4m, with a turnover of £9m. The firm has subsidiaries across China and employs nearly 400 people.
Dean Webster, chief executive of Cyril Sweett, said: “China provides a key growth opportunity for the group and Widnell Sweett provides the group with the means to unlock that market.”
“The Group’s strategy is to diversify the business across territories and sectors that are forecast to grow, whilst consolidating our presence where the business has a market-leading position. We are delighted that this deal fits squarely in line with our strategy”
The two firms entered an alliance in March, creating a joint venture named Widnell Sweett.