Storeys fends off fourth approach to go it alone

Mar 22 2010 by Peter McCusker, The Journal

NEWCASTLE property firm storeys:ssp has turned down another merger approach, saying it is now committed to a long-term future as a regional independent.

Late last year it called off talks with Canadian-backed property firm Altus Group, saying the numbers did not stack up and that it would have led to redundancies.

It has now emerged it has since rejected a second approach from a regional firm with a strong residential portfolio which had wanted to move into the commercial field.

Bill Lynn, chief executive of storeys:ssp, says this is the fourth approach the company has turned down in the last five years. “We are all mergered out,” he said. “It has been difficult to remain fully focused while these talks have been taking place.

“But we now have our eye back on the ball. We are now concentrating our minds on making this company the best it can be.”

Mr Lynn says prior to the Altus Group talks it had been approached by a national listed company and a second large South East-based firm.

In August last year storeys:ssp said it was involved in merger talks with Altus Edwin Hill, the UK division of the Altus Group, but little over a month later the deal was called off.

At the time Mr Lynn said: “We took some time out of the process and decided it was just not what we wanted to do, and that we valued our independence too much.

“We are very strong in the property ratings area and with the introduction of the new valuations we expect to be very busy over the next few years.

“We also felt we were striking the deal at the bottom of the market and were concerned we were being undervalued. They may have been getting us too cheaply.”