Aukett secures future with Fitzroy Robinson takeover

Aukett, the only architect listed on the Stock Exchange, is close to securing its future having agreed to acquire Fitzroy Robinson for £2.2m.

Aukett has suffered in the past few years with declining turnover and £3.6m of cumulative pre-tax losses in the three years up to 30 September 2004.

At this point, net assets stood at £500,000 and net debt was £1.5m. Aukett's bank borrowings have been close to its limits for some time. Its £2.1m overdraft is repayable on 31 March, but the bank has agreed to increase this conditional on Aukett completing the takeover of Fitzroy.

Fitzroy produced a turnover of £2.2m in the six months to 31 October 2004 and a pre-tax loss of £195,000, but crucially cash of £659,000 and net assets of £981,000.

The combined business will be called Aukett Fitzroy Robinson.