Cyril Sweet Acquires Nisbet

Cyril Sweett, the construction consultancy group, has paid £5.9million for Nisbet.The deal is made up of £1.8m in cash together with 2.2m Sweett shares. A further £650,000 will be paid in cash over the coming six months together with a final £1.3m instalment at the end of two years.

Nisbet provides quantity surveying, project management, as well as health and safety services from offices in the Midlands, London and the south of England.

The move strengthens Sweett’s existing regional office network.Nisbet has a strong position in the education sector where it has been taking advantage of the growing non-discretionary government spend. Education is expected to account for 40% of Nisbet’s fee income in 2008.

Nisbet’s turnover in the 12 months to September 2007 ran to £7m. Profit of £1.1m was after removal of the remuneration to the former partners.

Dean Webster, chief executive of Sweett, said: “We are delighted to welcome Nisbet’s management team and employees to the group. The quality of the Nisbet’s team is reflected in the strong track record of project wins, repeat work and referrals.”