Architects practices complete merger
DESPITE taking longer than may have been the case in less trying economic times a willingness on both sides ensured a successful merger between two architects practice.
Dewjo’c Architects, which employs 57 staff at its offices in Newcastle, Teesside and London has joined forces with London-based Devereux Architects, creating a firm with a joint staff of 150 and a turnover of around £11m.
The corporate finance team at Newcastle-based accountant unw negotiated on behalf of dewjo’c with Latimer Hinks of Darlington handling legal matters.
Zara Lane, corporate finance manager at unw, said: “Although the negotiations went on for some time both parties believed they had found the right partner.
“They knew they both wanted to do a transaction and it was a case of striking the right deal for our client. There was a desire on both sides and they are pleased with the outcome.
“All of the main directors are staying with dewjo’c and this is a positive deal for the business and the North East.”
Peter Walker, current Dewjo’c director will now be managing director of Deveruex Architects in the North, he said: “We really needed to be part of a bigger group and the merger with Devereux Architects will strengthen our offer considerably in our specialist sectors of health, education and pharmaceuticals.
“It was not a decision which was taken lightly but it will enable us to capture much larger projects both in the UK and on an international platform.”
Dewjo’c was founded in 1909 and is on track to hit an annual turnover £4m this year, a rise from £3.2m on the previous year.
Devereux, which has offices in London and Plymouth and Poland is a member of the Ireland-based PM Group.