WYG hatching town planning plans with Signet purchase

6th Jan 2016 15:26

(ShareCast News) - In light of the UK's major need for housing and urban infrastructure WYG continued its expansion in the town planning sector with the acquisition of consultancy focused on London and the North of England.The AIM-listed project management and consultancy firm announced that its subsidiary, WYG Environment Planning Transport, had acquired the entire share capital of fast-growing SCA Planning, doing business as Signet Planning.WYG indicated the deal was worth £3.735m, with £3.5m payable in cash on completion of the transaction.The balance would by due on the anniversary of completion, subject to the collection of book debts and work in progress.The board said the acquisition was in line with its strategy of growing quality revenues through organic means and selective acquisition.For the year ended 31 March 2015, Signet Planning reported turnover of £3.5m, profit before tax of £0.7m and net assets of £1.3m."Following the recent acquisitions of Alliance Planning, FMW Consultancy and North Associates, we now have more than 140 planning specialists representing the third largest team in the UK", said WYG chief executive Paul Hamer."This leading market position leaves us well placed to take advantage of the strong demand we expect for these specialist skills within a buoyant UK market for property and infrastructure development", he added.Signet co-founer Simon Chawick, along with three other principal directors, entered into new employment agreements with WYG Environment Planning Transport as well as agreeing to three-year lock-in positions.