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 拢5.4m for shares and a 鈥渇urther sum in recompense for a proportion of net assets鈥�. Widnell鈥檚 proft after tax for the year up to 28 February 2010 was 拢1.4m, with a turnover of 拢9m. The firm has subsidiaries across China and employs nearly 400 people.
Dean Webster, chief executive of Cyril Sweett, said: 鈥淐hina provides a key growth opportunity for the group and Widnell Sweett provides the group with the means to unlock that market.鈥�
鈥淭he Group鈥檚 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鈥�
The two firms entered an alliance in March, creating a joint venture named Widnell Sweett.
No comments yet