Scottish based Kilmartin Property Group has acquired the Amerdale Group for an undisclosed sum. Amerdale, which has offices in North Yorkshire and London, operates mainly in the investment and industrial sectors of the UK. It brings an active investment management fund for a number of institutional and private clients.
The merged group which will remain headquartered in Edinburgh will combine its two London offices into a single unit. It is then intended to open new offices in Manchester and Germany. The group will employ over 50 people and will expand its investment activities, both directly and through fund management. It will build on the existing £1 billion development programme that it already controls.
Iain Wotherspoon, Chairman of Kilmartin, said, "I am delighted with our acquisition of Amerdale, which allows us to take on an experienced and highly qualified team who we have known and worked with for many years. By integrating the skill sets from both teams we will be able to achieve our corporate objectives more quickly and take advantage of new market opportunities."
Mark Hancock, Chief Executive of Amerdale, said, "We are excited about merging Amerdale into Kilmartin and being able to achieve a greater emphasis on Europe and Asia. Amerdale's recent successful involvement with new projects in these markets demonstrates our ability to create new business opportunities in a growth economy and will lead to a significant involvement in an emerging market."
Iain Wotherspoon will continue as Chairman, with Mark Hancock taking over as Chief Executive. Amerdale Director Adam Kerr will take over primary responsibility for foreign investment and will work in the UK with Kilmartin Director Simon Bowder in London. Mark Ridehalgh of Amerdale will head operations in the north of England and Kilmartin Director Nick Ball will remain in charge of the company's Scottish offices. Neil McGuinness, who has been with the Kilmartin group for the last seven years, will continue as Group Finance Director.