Shareholders in QS and project management firm AYH have agreed to the sale of the company for £21m to Dutch consultancy group Arcadis.

Ian Smith, director at AYH, said the deal would give his firm a platform for global expansion. Until now AYH has been largely UK-based.

He said the acquisition marked “the conclusion of the business plan we laid out in 2002. We knew we had to get bigger to fulfil our ambition to become a global player.”

Arcadis muscle will allow AYH to take on more staff, acquire other businesses potentially and expand into regions where its new parent operates, including China, Europe, Latin America and North America.

Smith added that there would be no staff layoffs and it was “business as usual” at AYH.

The company’s current projects include the construction of a new stadium for Arsenal Football Club.

AYH shareholders gave universal approval for the sale at an EGM last week. Of the shareholders, 80 are AYH staff.

Arcadis will pay £16m up front with an earn-out clause of £5m over the next two years. AYH posted pre-tax profits of £2.25m on turnover of £21.5m for the year to the 31st December 2004.

Source

QS News