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ISG buys Pearce for £12.5m

ISG has bought Bristol-based fit out company Pearce for £12.5 million, plus a possible further £9 million dependent on performance over the next two years.

ISG chief executive David Lawther said the company’s expertise in fitting out food stores and its construction arm in the south west both plugged gaps in ISG’s expertise.

He said: “Two years ago we were a one legged animal specialised in commercial fit-outs in London. But we’ve diversified away from that and we’re much better balanced.

“We’ve now got a presence across the country. We already had within our retail division a fit out company specialising in financial services, and another based in non-food shops.

“Pearce has primarily worked in the south west, but it is a good quality company and we can take it national. We can give them the support network to expand.

“Pearce’s construction arm is also useful for us. We now have construction units across the country. We already had expertise in the south east, and bases in Manchester and Birmingham, so this means we now have coverage in the south west.

“We can provide extensions, heavy-duty interior work and new builds. We can take clients all the way through the experience.”

He said Pearce’s acquisition was extremely good value for money, as the company comes with £10 million in cash already in its bank accounts.

He said that ISG was expanding fast, including in Asia, where it has several clients and 450 employees. He believes that next year turnover will be over £1 billion – a trebling in size from the £349 million it recorded two years ago.