QS group Baqus buys Sworn King

Baqus, the quantity surveying group that floated on AIM eight months ago, has acquired Sworn King for £380,000.

Established in the 1950s as Sworn Litchfield and Partners with an office in High Wycombe, the firm spread to Oxford in the early 1960s and changed its name at about the same time.

Latest financial figures, for the 12 months to 31 March 2008, show turnover of £800,000 and pre-tax profit of £130,000 after notional partners’ remuneration. Assets are valued at £160,000.

Clive Sayer, Baqus chief executive, said: “Sworn King has an excellent reputation in the education and public sector markets which were two key areas we highlighted in our expansion plans.

“This is our first completed acquisition since floating on AIM. We continue to have discussions with a number of other practices with a view to them joining the Baqus Group.”

The Sworn King deal includes two conditional elements: £50,000 is deferred for two years and £162,000 is subject to certain profit targets being achieved over a three-year period.

Baqus is paying Sworn King through cash and the issue of 750,000 new shares in Baqus at 6p a share.