Gateley snaps up Vinden for £6.8m
Legal and professional services firm Gateley Holdings has agreed to purchase property consultancy Vinden Partnership, as it continues an acquisition spree since listing on the London Stock Exchange in 2015.
Previously a specialist law firm, Gateley has diversified in recent years with acquisitions in the real estate, financial services, human capital and other sectors to expand its offering.
The acquisition of Vinden, a corporate advisory and consultancy firm for the UK property industry, which set up an office in Manchester in 2018, “adds to and expands the range of dispute management and resolution services offered by the group’s construction team”, Gateley said in a statement.
“It also adds real estate and construction funding services that complement the work undertaken by the group’s banking and real estate teams.”
Vinden, headed by chief executive Peter Vinden, has advised on Assetz and Progressive Living’s 64-apartment North Central scheme close to Angel Gardens, and on the Grainger-funded 375-unit PRS scheme on Gore Street, Salford, among other regional projects. The company made a pre-tax profit was £800,000 for the year ended 31 August 2019.
Gateley will acquire Vinden for a sum of up to £6.8m in cash and shares, according to a stock exchange filing.
Under the deal, Gateley will make an initial payment of £6.2m, with 51% in cash and the other 49% paid by issuing 1.6 million shares at a price of 187.2 pence.
A deferred consideration of £600,000 will be paid based on Vinden’s financial performance in the year to end of August 2020. This payment will be split 50:50 in cash and shares, according to the statement.
Once the deal completes, Vinden will trade under the name Gateley Vinden and is expected to boost Gateley’s construction team, particularly its corporate advisory, dispute management and resolution expertise.
Peter Vinden said: “This is a really positive move for our team and we are delighted to join Gateley. Our two companies have worked together successfully for a number of years and have a shared ethos and approach.
“By combining our multi-talented teams, we have an enhanced offering for clients which will bring numerous benefits for all.”
Previous real estate acquisitions Gateley has made include that of Birmingham-based property consultancy Hamer Associates – now called Gateley Hamer – for £2m in 2016, and the purchase of Belfast-based law firm Paul Tweed, which specialises in property-specific tax and capital allowances work.