Azets Corporate Finance advised Gateley PLC on its acquisition of Smithers Purslow

Legal and professional services group Gateley has expanded with the acquisition of a multi-disciplinary chartered surveying practice in a deal worth up to £20m.

Operating from ten regional offices across the UK and employing 130 staff, East Midlands-headquartered Smithers Purslow specialises in services to the property insurance claims market, resolving high value claims for insurers, policy holders and their advisers.

Gateley has acquired SP 2018 Ltd and its subsidiaries (together Smithers Purslow) for a maximum consideration of £20m, including an initial sum of £12.15m payable on completion and made up of 56 per cent in shares and about 44 per cent in cash.

The acquisition gives Gateley "significantly deeper reach" into the UK's sizeable and growing high-value property insurance claims market and was also described as a major step forward in delivery of the group's Platform Strategy, to acquire and grow complementary professional services businesses.

Smithers Purslow will trade under the name Gateley Smithers Purslow with immediate effect. Managing director Stephen Fraser and senior director, Andrew Bussey, will continue to lead the Gateley Smithers Purslow management board. Both directors have been with Smithers Purslow for more than 25 years.