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Gateley Holdings PLC - Birmingham-based legal and professional services group - Buys SP 2018 Ltd and its subsidiaries. Price for the acquisition is £20.0 million, paid 56% in shares and 44% in cash.
SP 2018's subsidiary Smithers Purslow is a chartered surveying practice, Gateley says. It specialises in the property insurance claims market and is comprised of building and quantity surveyors and civil and structural engineers.
Gateley expects the acquisition to enhance its financial year 2023 earnings, which ends on April 30, 2023. Smithers Purslow will trade under the name Gateley Smithers Purslow with immediate effect, Gateley adds.
Current stock price: 217.00 pence, up 2.8% on Wednesday
12-month change: up 23%
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