Newly-listed architecture firm SMC Group has bought Manchester based rival DTR:UK.
It will pay £1.2 million in a part-cash and share option arrangement of £900,000 and 412,089 shares respectively and a further sum calculated at 3.5 times pre-tax profits in the 12 months ended December 30, 2009.
DTR:UK made a profit of £262,000 on £3.8 million of revenue in the year ended January 31, 2005.
SMC specialises in architectural and interior design across a number of sectors including property, housebuilding and retail for clients including MacDonald Hotels, Bellway Homes, Amec Developments, Pillar Properties and Countryside Properties.
Since listing on the Alternative Investment Market in June this year, SMC has also bought Manchester firm Corstorphine & Wright Hills Erwin and Leeds practice Philip Lees & Associates.
Contact the newsdesk