Vantis makes £4m non-audit acquisition
AIM-listed accountancy group Vantis has agreed to acquire the non-audit business of Wheawill & Sudworth London for up to £4.25m.
Vantis will pay £1.436m in cash on completion of the deal, with the balance mostly deferred over the two years to September 2005 and dependent on performance.
W&S is a seven-partner firm based in London and Vantis said it would bring ‘complementary strengths in forensic accounting, particularly expert witness and litigation, the IT and restaurant/catering sectors, together with expertise in accountancy outsourcing, business and taxation services’.
W&S’s non-audit turnover is estimated at about £2.5m a year.