TowerEight will continue to operate under the day-to-day leadership of its current executive team 鈥� including founders James Morris, Simon Craven, and Toby Wait. However, the business will be merged with Cumming鈥檚 UK operations. Cumming has offices in London, Edinburgh and Stoke-on-Trent through its previous acquisitions of surveyors Mellersh & Harding Building Consultancy (MHBC) and Prosurv.
Toby Wait, one of the founding directors of TowerEight, said: 鈥淲e had been looking for a true long-term partner with an outstanding reputation, an owner-driven culture, and international resources that could help take TowerEight to the next level. We have found this with Cumming.鈥�
The terms of the deal were not disclosed.
TowerEight鈥檚 most recently filed financial results show turnover of 拢12.5m for the year to May 2018 with pre-tax profit of 拢4.0m.
鈥淓arlier in my career, I was a client of TowerEight and I always appreciated their hands-on, principal-lead philosophy,鈥� said Cumming president Derek Hutchison. 鈥淎fter experiencing TowerEight鈥檚 approach firsthand, I am not surprised they grew into such a highly regarded industry leader. Cumming鈥檚 investment in TowerEight demonstrates our strong belief in the firm and the tremendous potential of the UK market.鈥�
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