Published: 12:00, 10 January 2017
| Updated: 15:15, 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.”
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