Law firm takes over construction consultant

Gateley Smithers Purslow managing director Stephen Fraser was a co-owner of the business before the takeover.

The £20million deal is Gateley’s biggest acquisition to date.

Gately paid initial consideration of £12.15 million – 56% in shares and 44% in cash.

Smithers Purslow will operate as Gateley Smithers Purslow, with all team members remaining with the business. Managing Director, Stephen Fraser, and Managing Director, Andrew Bussey will join Gateley Smithers Purslow’s Board of Directors.

Smithers Purslow began as a civil and structural engineering partnership in 1978 based in Oakham and grew into a business working for insurance companies. It quickly diversified by employing surveyors and then architects. In December 2020, he took over Nottingham building surveyor Ainsley Stokes. Today it operates from 10 regional offices across the UK and employs 130 people. In the financial year to September 30, 2021, it made an adjusted pre-tax profit of £2.5 million on revenue of £11.7 million.

In 2015, Gateley became the first commercial law firm to enter the London Stock Exchange’s Alternative Investment Market (AIM) growth market. Since then, it has diversified into other areas through additional acquisitions. Gateley lawyers advise on construction, planning, residential development, property finance, property litigation and property investment. The property tax specialists at Gateley Capitus team up with the built environment consultants at Gateley Vinden and Gateley Hamer to offer a comprehensive property advisory service. Gateley’s property platform now also includes expert Gateley Smithers Purslow, primarily serving the insurance industry.

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Stephen Fraser, Managing Director of Gateley Smithers Purslow, said: “We pride ourselves on providing a first class service and being part of Gateley demonstrates that we are a serious player in the industry. This partnership will allow us to further enrich our offer by attracting and developing the best talents, as well as expanding our geographical presence.

“The combined expertise of our experienced team and Gateley’s strong real estate platform will create an unparalleled multi-disciplinary consultancy to assist insurers, their clients and their respective advisors on technical and legal matters.”

Gateley Managing Director Rod Waldie said: “Smithers Purslow’s growth over the past decade has been impressive and it is a highly regarded market leader in the property insurance claims industry, in which we see a significant opportunity to develop broader and deeper relationships with insurers and insurance intermediaries.

“The synergies between Smithers Purslow and Gateley Vinden, across a number of their multi-disciplinary service lines, extend the depth of our expertise and provide additional capability to maximize the opportunities presented in this important and growing market and environmental consultancy. wider built space.”

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Michael J. Chiaramonte