Acquisition

 

TIDMBQS 
 
RNS Number : 8581U 
Baqus Group PLC 
01 July 2009 
 

 
 
 
 
 
 
 
 
FOR RELEASE 
7.00 AM 
01 July 2009 
 
 
BAQUS GROUP PLC 
("Baqus" or "the Group") 
(the building consultancy and quantity surveying group) 
 
 
 
 
Acquisition of Nigel Rose Group 
Baqus is pleased to announce the acquisition of the Nigel Rose Group, which 
consists of Nigel Rose LLP and Nigel Rose Management Limited (together "Nigel 
Rose"). The consideration for the acquisition will be based on Nigel Rose's 
adjusted net assets as at 30 June 2009 and will be satisfied through a cash 
payment on or before 30 September 2010. 
The Nigel Rose business was established in 1964 as a firm of Chartered Quantity 
Surveyors and operates from four offices in London, Cheltenham, Wokingham and 
Warrington enabling it to offer nationwide coverage. The majority of work in 
2008 was in residential (30%), healthcare (16%), transport (11%) and education 
(19%) sectors. 
The professional services undertaken by Nigel Rose have developed since its 
origins and now embrace the roles of Cost Manager, Procurement Manager, 
Commercial Manager and Project Manager together with Risk Management, CDM 
(Construction, Design & Management) Co-ordinator services, Value Engineering and 
Dispute Resolution/Expert Witness services. 
Nigel Rose LLP was incorporated on 8 January 2008 and, following the transfer of 
the original business of Nigel Rose and Partners, commenced trading on 1 April 
2008.  Nigel Rose Management Limited was incorporated on 24 December 1991 and 
provides Project Management services. 
 
 
In the nine months ended 31 December 2008, Nigel Rose reported a profit of 
GBP246,062 before members' remuneration and profit shares on fee income of 
GBP1,275,585. Net assets at 30 December 2008 were GBP158,469. 
 
 
Clive Sayer, the Chief Executive of Baqus, commented: 
 
 
"Working closely with the key people at Nigel Rose, we have identified a number 
of areas when we can expand the business while, at the same time, reducing 
costs. More importantly, it will increase the number of sectors in which we have 
a significant presence and I am confident that it will make a good addition to 
the Baqus Group." 
 
 
Contact: 
 
 
Baqus Group plc 
Clive Sayer (Chief Executive) 07967 132 221 
Patrick Lineen (Finance Director)    07818 034 452 
Seymour Pierce (Nominated Adviser and Broker) 
Mark Percy                     020 7107 8000 
Cubitt Consulting (Financial Public Relations Advisers) 
Brian Coleman-Smith / James Verstringhe 020 7367 5100 
 
Background Note: 
 
 
Baqus was admitted to trading on AIM on the 14 December 2007, having raised 
GBP1.75 million through a placing of 17,500,000 Ordinary Shares. 
 
 
Baqus is a national building consultancy and quantity surveying group offering 
construction cost consultancy, project management and building surveying 
services to clients in the UK. The Group works across a number of business 
sectors including: health, education, leisure, hospitality, affordable housing, 
residential, commercial and conservation. Clients include local authorities, 
central government, NHS, residential Housing Associations, commercial companies 
and developers. 
 
 
The Quantity Surveying Market in the UK, estimated to be worth in excess of GBP1 
billion, is highly fragmented and dominated by a small number of major players, 
which the Baqus Group Directors believe make it ripe for consolidation. Since 
the Group's admission to AIM, they have been pursuing a strategy of acquiring 
small to medium sized Quantity Surveying practices across the country, having so 
far successfully boosted Baqus's share of the education and public sector market 
through the acquisition of Sworn King and Partners and also signed a share 
option agreement with Liverpool based transport and infrastructure specialist, 
Brian Hannaby & Associates. Once acquired, the practices are incorporated into 
the wider Group with a particular emphasis on exploiting opportunities for 
operational synergies with existing business units. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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