Atkins to buy out Faithful & Gould
CASH-rich consulting engineer W S Atkins is buying Britains biggest quantity surveyor, Faithful & Gould, in a cash and shares deal worth 21 million.
The move comes as Atkins builds up privately-financed and other work requiring a broad skills base.
Atkins chief executive Michael Jeffries said: We are moving more into facilities management work with maintenance of property and infrastructure where we are putting in a lot of arrangements for small works and measured term contracts.
Faithful & Gould, which will keep its name after the takeover, will take on much of this work and build up Atkinss capabilities for value engineering and value management work.
The quantity surveyor will also play a part in Atkinss growing ambitions under the Private Finance Initiative.
Atkins has already won the Bridgend private prison with Costain and Skanska and is bidding for the Contributions Agency headquarters in Newcastle in joint venture with Ballast Nedam.
Faithful & Gould has 850 staff and had a turnover of almost 30 million in the 11 months to November.
It expanded rapidly into Britains biggest quantity surveyor, but is understood to have problems with working capital.