AKT management buys independence backed by Swedish engineer Tyrens

The directors of engineer Adams Kara Taylor have agreed a 拢3.75m management buy out from White Young Green, just five years after being bought by the firm.

A deal to make the high-spec office specialist was concluded at midnight last night which will make 117-strong AKT an independent firm.

However the deal was backed by Swedish engineering group Tyr茅ns, which has 1,000 employees in 20 offices in its home country. A statement from AKT said Tyrens 鈥渨ill work with AKT to develop globally,鈥� but that AKT will remain independent of it.

AKT, which is working on high profile projects including Masdar City, Park House on Oxford Street, and the Sheikh Zayed National Museum in Abu Dhabi, was bought by White Young Green in 2006 for 拢10.5m but was never fully integrated into the business.

The deal will see AKT鈥檚 original directors, Robin Adams, Hanif Kara, and Albert Williamson-Taylor will be joined by Paul Scott and Gerry O鈥橞rien as equity directors.

The move comes as many other firms are looking to consolidate to compete in the tough global market. Hanif Kara said: 鈥淭his atypical but willful step is designed to reverse the trend. We are of course delighted to be making this move to regain our  independence and we look forward to continue facing the challenges, both commercial and intellectual, that we enjoy engaging with. Our global reach will be strengthened and developed with Tyrens.鈥�

In the year ended 30 June 2010, AKT generated revenues of 拢12.3m, with profit before tax of 拢0.6m.  AKT鈥檚 gross assets as at 30 June 2010 were approximately 拢2.1m. The proceeds of sale will be applied in accordance with the terms of the Company鈥檚 finance arrangements with its lenders.

Paul Hamer, chief executive of White Young Green Group, said: 鈥淎KT has been a valued member of the WYG Group over the past four years, particularly in contributing to delivering technical excellence to global clients. WYG and AKT2 will continue to collaborate on projects of mutual interest in key global regions and I wish the management of AKT every success in taking the business forward.鈥�

This comes after WYG announced a 27 per cent drop in revenue for the last financial year.

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