LISTED law firm Gateley has bought Birmingham-based surveyors Hamer Associates in a deal worth up to £2.05m.
It is the second acquisition by the firm this year, after it paid £2.7m for tax incentives advisors Capitus in April.
Gateley became the first law firm to float on the stock market when it joined the Alternative Investment Market in June 2015. Its strategy has been to “bring complimentary and specialist services in to the group”.
The firm, which is led by Charles Hamer and Jonathan Stott, will rebrand as Gateley Hamer. The business will sit alongside Gateley’s national property business, which itself acts for an array of developers, including 17 of the UK’s top 20 house builders.
Mike Ward, chief executive of Gateley, said: “Hamer’s first-class reputation and acknowledged expertise has generated an impressive list of both private and public-sector clients and we are excited about the new opportunities the acquisition brings to both Hamer and the wider Gateley group.”
Hamer Associates, which was shortlisted in TheBusinessDesk.com Business Masters awards this summer, specialise in easements and wayleaves, and compulsory purchase and compensation. In its last completed financial year, for the year to March, Hamer generated an operating profit of £292,000 on revenues of £1.2m.
Gateley will pay £1.0m now – split equally between cash and Gateley shares – and a further £1.0m based on Hamer’s performance over the next two years.
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