6th November 2006
Supporta Property Acquisition
Since August 2005 Supporta plc has enhanced its range of services through a number of acquisitions in all three operating divisions: Care, Property and Services. Bay Associates will become part of Supporta Property and will initially retain its current trading name. Following the acquisition of Bay Associates, Supporta now have 28 offices in total throughout the UK increasing our geographic spread and range of services nationally while maintaining local presence and attentive service. Bay Associates will further enhance the Supporta Team by integrating it's 36 staff members.
Bay Associates is a firm of civil and structural consulting engineers based in Cardiff and working with the Health, Education, Local Government, Registered Social Landlord and Private sectors. The company was formed in 1992 to provide engineering consultancy services to the South Wales market. Bay Associates has grown considerably in this time, and as previously mentioned, now employs thirty six people within its offices in Cardiff. The company has expanded its geographical coverage through developing relationships with key partners and has now completed projects in Gloucester, London, Glasgow, Milton Keynes, Coventry, Worcester, Bristol, Manchester and Qatar in addition to its core South Wales market.
Bay Associates has gained considerable experience in delivering projects in town centre redevelopment, office space, hospitals, hotels, residential and higher education. In the year ended 31 March 2006, Bay reported an unaudited profit before tax of £460,842 on a turnover of £1,497,060. The unaudited net assets of the Group at that date were £566,348.
Supporta intends to build upon the strong foundations laid by the management team of Bay Associates through developing its existing and target customer base. The Board believes that this acquisition presents significant cross selling opportunities. In particular, the engineering consultancy services for Supporta RPDs major contracts with Registered Social Landlords and the Home Office currently outsourced. This acquisition will also provide experience in new areas business sectors. Clients and Staff of Supporta and Bay Associates will benefit from the opportunities this acquisition presents. Supporta intends to ensure the local and personal approach adopted by Bay Associates is maintained and is only strengthened by membership of a larger business.
Stephen Padgett, Chief Executive Officer, commented,
"Bay is a well established business, with an excellent reputation in its current markets. I believe that this acquisition is a significant step toward achieving our vision of Supporta Property becoming a multi-disciplinary property consultancy company. The market for the Property division remains buoyant and presents excellent opportunities for organic growth.
We continue to enjoy strong support for our growth ambitions from Barclays and the increased facilities will provide us with considerable flexibility to fund future acquisitions."
For further detailed information on the acquisition click on this link to be directed to our Investor Relations pages (see Latest Announcements).
Details on Bay Associates services can be found within the Property area in the Supporta plc website.
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