Gateley (Holdings), a leading national full-service commercial law firm, has acquired UK surveyors Hamer Associates, leading specialists in the fields of easements and wayleaves and compulsory purchase and compensation.
Hamer Associates, to be renamed Gateley Hamer, is the second acquisition that Gateley has made since the group's admission to AIM in June 2015; the first being the acquisition of Gateley Capitus, which completed in April 2016.
Gateley will pay initial consideration of approximately £1.0 million split equally between cash and the issuance of 388,029 ordinary shares of 10 pence each in Gateley.
Deferred consideration of up to approximately £1.0 million is also payable depending on the financial performance of the business in the two years following completion, again split equally between cash and Ordinary Shares, such that total consideration payable cannot exceed £2.05 million.
The acquisition is being made on a net working capital neutral basis.