Pioneering listed firm Gateley has made another acquisition with the purchase of a property consultancy.
The law firm, which made history last year as the first existing practice to float on the London stock exchange, has bought Birmingham-based Hamer Associates. The deal is expected to be valued at £2m, consisting of £1m in cash and shares, with the rest payable depending how the business performs in the next two years.
The acquisition is the second purchase by Gateley since it went public – the first coming in April this year when it bought tax advice business Capitus for £2.7m.
Gateley chief executive Michael Ward (pictured) said the acquisition continues the firm’s strategy to bring ‘complementary and specialist services’ in to the group.
Hamer Associates posted revenue of £1.2m and operating profit of £292,000 for the year ended 31 March 2016. Established 16 years ago, it advises on easements and wayleaves for utilities infrastructure, and compulsory purchase and compensation.
Gateley says the purchase allows it to offer clients a range of commercial property services.
The firm’s share price was unchanged today at 116.6p.
The firm appears to have thrived since its decision to float: in July it announced pre-tax profits rose 12.2% to £11m for the year ended 30 April, on revenue up 10.2% to £67.1m. Earnings before interest, tax, depreciation and amortisation rose 13.3% to £12.8m.