WYG completes North Associate deal

Technical consultancy group WYG has completed the acquisition of property asset management North Associates in a deal worth up to £5m.

WYG said it will pay £2.3m in cash upon completion of the deal with a further £0.5m due after 12 months from completion, with the remaining balance payable depending on the recovery of contingent fees over the three years following completion of the deal.

The London-listed company said the acquisition will strengthen its presence in the property asset management market and will also benefit from some of the anticipated £90bn of investment planned as part of the development of Britain's 'Energy Coast' in West Cumbria.

In the year to 31 July, North Associates posted profit before tax of £486,000, with net assets of £359,000 and turnover of £2.9m.

WYG shares were up 1.77% to 129.24p at 1004 GMT on Friday.