Capita announced that it has acquired GL Hearn, a market-leading UK property consultancy business, for a cash consideration of £25 mln (approx. €34.9 mln) on a cash free, debt free basis, plus a deferred consideration of £5 mln (approx. €7 mln).
GL Hearn provides commercially driven advice to land owners, developers, house builders, investors, retailers and the public sector. Its client list includes some of the UK’s largest retailers and developers, as well as a number of other blue chip companies.
GL Hearn reported an operating profit of £5.8 mln (approx. €8.1 mln) on turnover of £31.2 mln (approx.. €43.6 mln) in its last financial year up to 31 May 2015. Capita expects to grow the business and achieve a return on capital in excess of 15%.
The company is a market leader in planning, development and regeneration. It employs over 250 staff, and has its head office in London. GL Hearn has a strong record of delivery in London, as well as across the rest of the UK – which it serves from seven regional offices, including Glasgow, Manchester and Southampton.