Aukett Swanke buys 80% stake in architect firm John R Harris & Partners

15th Jun 2015 14:44

Aukett Swanke said on Monday that it has acquired an 80% stake in John R Harris & Partners (JRHP) for a total consideration of £897,000 that will be paid in cash and funded from the company's existing balances.The remaining 20% will continue to be held by two of its current directors, who will remain in employment with the enlarged group.JRHP, which is a firm of architects, interior designers, and engineers that operates in Cyprus and the Middle East, has 27 staff. Together with Aukett's existing international network of subsidiaries, joint ventures, associates and licensees, this creates an enlarged workforce of in excess of 370 staff.Inernational group of architects and interior designers Aukett said the acquisition will provide the opportunity for some overhead cost savings and is expected to be earnings enhancing in the group's current financial year to 30 September 2015.In the year to 31 December 2014, JRHP posted a pre-tax profit of £182,000 on revenue of £2.58m.At 14:53, shares in Aukett Swanke were up 6.5% at 8.25p.