Gateley law firm has bought a Rutland-based building surveyors in a deal worth up to £20 million.
The Birmingham-based law and professional services firm has bought Smithers Purslow, which is based in Glaston Hall, near Uppingham. Its 10 offices provide building and quantity surveying, civil and structural engineering and architectural services and it specialises in high value property insurance claims.
The deal went through on April 19 and the acquired business will trade under the name Gateley Smithers Purslow.
All members of the Smithers Purslow team will stay with the business and managing director Stephen Fraser and senior director Andrew Bussey will join the Gateley Smithers Purslow management board.
Gateley chief executive Rod Waldie said: “We are delighted to welcome the Smithers Purslow team to the group.
“This is another dynamic business that further expands the breadth of capability in our already strong property platform.
“Smithers Purslow's growth over the last decade has been impressive and it is a highly regarded market leader in the property insurance claims sector, in which we see significant opportunity to develop broader and deeper relationships with insurers and insurance intermediaries.
"This is our largest acquisition to date and is a clear demonstration of our commitment to invest and grow our market-facing platforms, as well as to continue to strengthen our resilience through diversification."
Smithers Purslow was established in 1978, and employs 130 staff. Its blue-chip client base includes insurance companies, utility companies and property managers and high net worth individuals.
In the year to September 30, 2021, organic revenue increased by 22.3 per cent to £11.7 million, generating adjusted pre-tax profit of £2.5 million.
