WYG raises cash with sale of Adams Kara Taylor

Grant Prior 13 years ago
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Struggling consultant WYG has sold its high-end structural and civil engineering engineering division Adams Kara Taylor to a management buyout for £3.75m.

WYG bought AKT in November 2006 for £10.5m and the company employs 120 people generating profits of £600,000 on a turnover of £12.3m.

Cash raised by the sale will go to WYG’s lenders after it was revealed yesterday that the consultant was in talks with financiers over long-term funding requirements after unveiling half-year losses of £22m.

The management buyout of AKT – with the new bosses known as AKT2 – has been backed by Swedish consultant Tyrens AB.

WYG said: “As WYG continues to reshape itself in line with its three-part strategy, it has become evident that the AKT business model, which is more suited to independent ownership, does not fit  within WYG’s new globally integrated capability led business model.”

Paul Hamer, Chief Executive Officer, WYG Group, said: “AKT has been a valued member of the WYG Group over the past four years, particularly in contributing to delivering technical excellence to global clients.

“WYG and AKT2 will continue to collaborate on projects of mutual interest in key global regions and I wish the management of AKT every success in taking the business forward.

“Looking ahead, our ambition is to continue on our journey which will see us offering technical expertise across our chosen markets to capture market share by serving our existing and new clients well.”

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