Roger Smee is to combine his four office fit-out companies in a potential £48.9m deal.
Real Office Group, an AIM-listed company which Smee’s Leander company took majority control of last November, is to buy three other fit-out companies controlled by Smee in a mostly paper deal.
Real Office Group has conditionally agreed to buy Smee’s two UK businesses, Pacific Interiors and ISIS Projects, and the 49% stake in Qatar-based Pacific Middle East held by Smee’s RNP company.
The total maximum consideration for the three businesses is £48.9m. The initial payment comprises £15.1m through the issue of 126m Real Office Group shares at 12p each, together with a loan note of £2m and a cash payment of £1m for Pacific Middle East.
‘We believe there are opportunities for combining successful local and national businesses in the UK and overseas to create an international group,’ said Smee.
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