黑洞社区

The historic Sweett brand will be dropped within two months of the consultant鈥檚 takeover by Currie & Brown, the buying firm鈥檚 chief executive Euan McEwan has told 黑洞社区.

McEwan (pictured) was speaking ahead of his Middle East-owned firm鈥檚 拢29m offer for Sweett Group going 鈥渦nconditional鈥� on Tuesday, after it purchased 89% of its shares, taking it over the 75% threshold needed to seal the deal.

The takeover is set to complete next month and will de-list Sweett from the AIM arm of the London Stock Exchange after nine years. The takeover 鈥� which will create a combined company of over 2,000 employees 鈥� ends nearly 90 years of independence at Sweett.

Rival bidder WSP Parsons Brinckerhoff had already formally quit the race to buy Sweett in June, after being gazumped by Currie & Brown鈥檚 higher offer.

McEwan said Currie & Brown will move swifty to end the Sweett brand as 鈥測ou can鈥檛 have two names in the same marketplace鈥�.

He said the firm was attracted to the deal by 鈥淪weett鈥檚 team and their strength in the UK鈥�.

McEwan described the acquisition as a 鈥渧ote of confidence鈥� in the UK by its parent company, Middle East-based Dar Group, post-EU referendum. The firm鈥檚 拢29m offer for Sweett was first announced on 24 June, the day the UK鈥檚 decision to vote for Brexit was announced and the country lost its prime minister.

McEwan said: 鈥淒ar is very positive about the UK [鈥�] You get on with it. There will be opportunities coming out of Brexit.鈥�

McEwan said he expected further major M&A deals within construction consultancy and for the market to reduce to a 鈥渂ig four or five players鈥�, like in accountancy.

He said: 鈥淚鈥檓 an accountant as well as an engineer and we went through this in the mid-1980s. It makes sense to consolidate to match up services with clients around the world.鈥�

He said Currie & Brown鈥檚 strategy was primarily to 鈥渃ontinue to grow organically鈥� but further M&A 鈥渕ight be鈥� part of the picture.

Sweett鈥檚 board of directors - including chief executive Douglas McCormick - will step down once the deal completes.

Currie & Brown had already acquired Sweett鈥檚 struggling Asia Pacific businesses in a deal agreed late last year and concluded in June. This purchase had been delayed by a disagreement between the two parties over the impact of currency fluctuations on the takeover price, which was resolved after a decision from an independent arbitration.

Currie & Brown has said it believes cost savings can be made at Sweett, principally through de-listing and cutbacks in property, back office and shared services. 

Dar Group also owns architect Perkins + Will.