Consultants snaps up 拢3.5m firm Projex
Ridge has bought Leeds-based project manager and QS Projex 黑洞社区 Solutions for an undisclosed sum.
The firm, which is celebrating its 75th anniversary this year, completed the deal earlier this month which has seen Projex鈥檚 36 staff, spread across its two offices in Leeds and Birmingham, join the enlarged group.
Projex, which has an average annual turnover of 拢3.5m, was set up in 2008 and founder and joint managing director Phil Tomalin, along with founding partner Nick Keaney, have both been made partners at Ridge.
In its last set of accounts filed at Companies House earlier this month, Ridge said turnover last year fell 4% to 拢60.5m although operating profit climbed 拢700,000 to 拢11.7m.
The accounts revealed the firm claimed 拢1.3m from the government鈥檚 Coronavirus Job Retention Scheme.
The firm added that it had 拢4.6m net cash at the year end from a 拢3.9m deficit last time.
Ridge said the Projex deal had taken employee numbers beyond the 700 mark but the 2020 accounts show the average number of staff at the business dropped from 589 to 577.
Projex also carries out health and safety, clerk of works and employer鈥檚 agent work.
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