SMC acquires Will Alsop and his team
SMC Group plc, the holding company for a group of architects and designers, has agreed to acquire the business and assets of Alsop Design Limited. The business and assets of Alsop will be fully integrated into the existing SMC Group and will operate as 'SMC Alsop'.
An amount of £1.7 million is payable immediately, comprising £800, 000 in cash and the issue of 624, 277 new SMC ordinary shares at a price of 144.17p per share. Furthermore, SMC will pay immediately a total of £100, 000 in cash to three key Alsop personnel. In addition, deferred consideration will be payable in annual stages, from July 2007 until July 2009, to William Alsop, Colin Gilmore-Merchant and Stephen Pimbley based on the profitability of SMC Alsop for each of the three years ending December 2008.
Alsop is a highly respected architecture and design team that over the last twenty years has established an excellent international reputation. Previous projects include the £97million Regional Government Headquarters in Marseilles, The Cardiff Bay Visitors' Centre, North Greenwich Tube Station, and the Peckham Library which was named Building of the Year as a winner of RIBA's Stirling Prize in 2000.
Alsop has 44 professional staff based in London, Canada and the Far East. With the addition of Alsop, the SMC group will have approximately 330 members of staff.
For the financial year ended 31 December 2005, Alsop's loss before tax was £690k on revenue of £3.5 million. Adjusting for non-recurring and exceptional items a normalised profit before tax of £71k was reported for the same period.
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