GVA, the UK's largest independent commercial property specialist, completed the acquisition of the business on Friday 10 February 2012.
The strategic move marked another statement of intent by GVA to further bolster, strengthen and expand its existing hotels and leisure offer. GVA boasts one of Britain's largest and leading leisure specialists following its earlier acquisition of Humberts Leisure in May 2011.
This latest purchase will further open up GVA's geographical reach into the Scottish leisure market. The new leisure unit will be named GVA RGA.
RGA (Richard Gerald Associates), led by Max and Richard Gaunt, was founded in 1985. The company specialises in three areas of leisure - hotels, tourism and culture. Operating out of London and Edinburgh, 80% of its business services the hotels sector with recent clients including Bruntwood, Coplan Estates and Chardon Management.
Close synergy will exist with GVA's growing Hotels team led by James Williamson and Ian Thompson, operating out of London, Cardiff, Birmingham, Manchester and Leeds. RGA's integration will add Edinburgh, completing GVA's 'on the ground' leisure industry presence in England, Wales and Scotland.
The acquisition will allow GVA to effectively tap into the growing demand for market-led leisure business consultancy, with a particular focus on hotels in the UK and the wider leisure sector.
Rob Bould, Chief Executive of GVA, comments: "We're delighted to confirm our acquisition of RGA. This strategic purchase expands on the commitments we set out when we acquired Humberts Leisure in May. Our aspiration for further expansion remains, particularly in areas of the market where we continue to gain market share.
"This is a first class purchase. RGA is a highly robust business, it projects healthy turnover and profit margins and it is a leader in the field in the UK hospitality sector. Once again this builds on the hard work and determination of our existing leisure team to gain market share via strategic acquisitions and take outs.
"This niche sector of leisure requires a highly specialised skills set and it is equally important we offer our clients that same expertise but with local people who know the local market."
Max Gaunt, Managing Director of RGA Consulting comments: "We're delighted with the terms we have agreed with GVA. I believe RGA's existing expertise, particularly in the hospitality sector, will add great value to GVA's market leading offer. Equally, GVA's multidisciplinary service will complement the needs of our existing clients. This marriage provides us with the strongest possible platform from which to gain further traction within our market place."
For further information on the merger please contact Tim Crossley-Smith, Senior Director and national head of Valuation Services on 0207 911 2291 or email firstname.lastname@example.org.