Engineer Hurley Palmer Flatt acquires majority controlling stake in M&E firm Andrew Reid & Partners
Engineer Hurley Palmer Flatt has acquired M&E firm Andrew Reid & Partners (AR&P).
Hurley Palmer Flatt (HPF) said this morning it had acquired a majority controlling share in the firm for an undisclosed sum.
Established in 1970, AR&P provides engineering expertise relating to the design and commissioning of mechanical and electrical building services works.
The firm employs 30 staff and has an annual turnover in excess of 拢4m.
AR&P works across the UK, as well as across central and northern Europe and Russia. Recent projects included 5 Broadgate for UBS; Sea Containers House for Deerbrook; and Riverbank House for Pace Investments.
Following the acquisition, AR&P will become a subsidiary of HPF Group, but will retain its name and continue to operate as an independent consultancy.
HPF Group Chairman Paul Flatt will chair the board of AR&P.
Flatt said: 鈥淥ur investment in what is recognised as one of the leading commissioning management businesses is another step forward to allow our clients to independently commission and design buildings鈥�.
The announcement comes after the company reported its results for the six months to 31 March 2014,
The firm鈥檚 profit before tax, depreciation, amortization, restructuring costs, goodwill write downs, and interest was 拢849,000.
HPF reported revenue of 拢29.5m in the 18 months to 30 September 2013 and 拢26m in the year to 31 March 2011.
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