Sweett disputes sale discount for Asia businesses

AIM-listed Sweett Group has disputed the payment it is to receive for the sale of its Asia Pacific and India businesses.

Sweett, a provider of professional services for the construction and management of building and infrastructure projects, agreed the sale of the business in October for £9.3m to fellow cost consultants Currie & Brown.

However, Sweett agreed at the time that the final price could be reduced if the net asset value of the businesses as at 31 October 2015 was less than £9.3m.

Currie & Brown has calculated that an adjustment of £1.8m is due, but Sweett has contested this, believing an adjustment of approximately £540,000 is correct.

"As the company is unable to agree Currie & Brown's figures and interpretations, the parties accept that the matters in dispute should be referred for expert determination and are seeking to agree a mutually acceptable independent firm of internationally recognised chartered accountants to undertake the expert's role," it said.

Shares in Sweett fell 7% to 20.95p by the close on Tuesday.