Monday, 14 July 2014

Bitter Sweet(t) moment for WSP

I bet property consultant WSP is feeling rather relieved that it didn't press ahead with the purchase of Sweett Group at the beginning of the year.

For readers that don't recall, I had a story that WSP - which is owned by Canada-based Genivar Inc - was on the verge of buying Sweett Group in early January but pulled out of the deal around the time the Aim-listed business made this announcement:

And here are links to the original story I published and a follow up piece:

Today, Sweett Group announced the Serious Fraud Office has launched an investigation into the company over allegations a former employee was involved in bribery. Here is a link to a Financial Times piece on the topic:

So, I can't imagine WSP will be rushing back to buy Sweett Group, one of Britain's oldest quantity surveyors, anytime soon.