Gateley acquires tax advisory business for £2.72m
Listed firm acquires tax incentives advisory business Capitus as part of its effort to expand its offer to clients
April 11, 2016 at 06:25 AM
2 minute read
Gateley has acquired a tax incentives advisory business called Capitus for £2.72m.
The acquisition is the firm's first since it became the first UK law firm to go public when it floated on the AIM market in June 2015.
Gateley paid £2.72m in total consideration for Capitus, which includes £1.59m in cash and the issue of 1,122,753 ordinary shares in Gateley.
In the year ended 30 June 2015 Capitus had revenue of £1.38m and an operating profit of £593,000.
Capitus, which will be renamed Gateley Capitus, advises investors on their commercial property transactions.
The company has offices in London, Birmingham, Northern Ireland and the Republic of Ireland.
Gateley CEO, Michael Ward, said the acquisition was "in line with the strategy we outlined at flotation last June". He added: "[Gateley aims] to make selective acquisitions, which offer complementary specialist services."
He said: "Capitus is a recognised and highly respected tax incentives advisory business and I am particularly excited by the additional expertise and cross referral opportunities the business will bring to the group."
The co-founders of Capitus, Kevin Meyer and Aubrey Calderwood, said: "Our tie up with Gateley, which we believe to be the first between an RICS (Royal Institution of Chartered Surveyors) regulated firm and a full service national law firm, gives us access to this expertise and provides us with many additional commercial opportunities."
Meyer and Calderwood will continue to manage Capitus, which will be overseen by an operating board comprising managers from both Gateley and Capitus.
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