WS ATKINS HAS announced a £50M takeover of property management company Lambert Smith Hampton.
The deal is designed to complete Atkins' portfolio of property services. Atkins' property services operation had concentrated on building design, construction and maintenance. LSH will add estate agent and strategic property management services.
LSH employs about 900 staff and made a pre-tax profit of £3.27M on turnover of £47.5M in the year to 31 January 1999.
Atkins chief executive Mike Jeffries said LSH's work would dovetail with that already handled by the company. For example, it advises the Employment Service on the disposal of surplus property, while Atkins has secured the organisation's facilities management contract.
LSH chairman Bruce Brown said he had agreed to recommend Atkins' offer to shareholders because his firm lacked a wide enough range of expertise to give a one-stop property management service.
He said the firm was also too small to buy another company with complementary skills.