Sweett Group sells Asia Pacific division to Currie & Brown

摘要

Sweett Group has sold its Asia Pacific division to rival consultant Currie & Brown for £9.3m, in a move designed to slash Sweett's net debt. The sale includes Sweett's operations across Australia, China, Hong Kong, India, Macau, Malaysia, Singapore, Thailand and Vietnam. Currie & Brown said its business will double in size as a result of the acquistion. Speaking to Building after the announcement last Wednesday, Sweett chief executive Douglas McCormick said the sale proceeds would be used to "significantly improve" the firm's net debt position, which reduces to around £4m, down from £9.5m in April. Sweett's Asia-Pacific business accounted for about 35% of its global revenue. Last year the firm posted global revenue of £89.4m for the year to March 2014.