Published: 12:00, 10 January 2017 |
Updated: 15:34, 10 January 2017
An engineering consultancy which has fit out offices near the Old Bailey and some of London’s high-end residential developments has been snapped up by property services group Styles&Wood.
GDM Group, based in Dartford, has been bought for £4 million in cash and shares, with up to £3.1 million payable at a later date.
Employing 50 people, it provides engineering and project managment to some of the UK’s largest property owners across retail, education, commercial offices and data centres.
Unaudited accounts for the year to April 2016 show it made revenues of £7.9 million and underlying pre-tax profits of £1 million.
Its new owner Styles&Wood hopes it can increase this from next year and add to its 18.6% growth in turnover last year to £115 million, trebling pre-tax profits to £2.4 million.
Chief executive Tony Lenehan said: “There is a clear trend in the market towards multidisciplinary service provision for blue-chip clients, and this acquisition builds upon the strength of both businesses, as experts in project delivery in live environments.”
Gary Draper, director at GDM, said: “We truly believe that this is an exciting move for GDM.
“The business is in great shape and coming under the Styles&Wood umbrella will provide the company and all of our employees with greater opportunities for development and an even stronger platform, both operationally and financially, for growth in the years ahead.”
Every morning at 10am we play you an hour of tunes from the 90s. We call it, #WeLoveThe90s.
Play 'Say It' with Garry and Laura on kmfm Breakfast and you could win £1,000!
Wake up to kmfm Breakfast with Garry and Laura - it's Kent's alarm call.
Your No1 guide to getting married in Kent. From dresses to discos and venues to veils, we've got everything you could possibly need for your big day
Education, Training & Childcare is a special supplement published by KM Media Group four times a year. Click here for latest e-edition.
A guide for your future. For year 11 students in Kent and Medway. Click here for the e-edition.
Get the latest food and drink news, recipes from some of the nation's top chefs plus updates from Kent's vineyards and breweries.
Search in your local area to find your perfect partner in Kent, with FreshStart Dating!
PLUS, register for free!.
Read our pick of the best holiday destinations. Whether its a weekend break, or something a little bit longer, we have reviewed a wide range of holidays.