Acquisition of Work.Place.Create. by Aukett Swanke

Built Cybernetics (AIM:BUC), the smart buildings group, is pleased to announce that its full service architecture business Aukett Swanke Limited ("Aukett Swanke") has acquired interior design firm Work.Place.Create. Limited ("WPC").

WPC offers a range of interior design services to corporate clients, primarily in London and the South East, which is highly complementary to Aukett Swanke's existing and target client base. The WPC business will be integrated into that of Aukett Swanke, and the vendor Nick Viner has joined the board of Aukett Swanke as the director responsible for interiors.

The acquisition strengthens the capacity of Aukett Swanke's interiors team, which is currently delivering a seven figure contract to upgrade the interiors of a Grade I listed building in the City of London with the work scheduled to continue for several years.

With a client base more focused on tenants than on landlords, WPC is also expected to provide an important additional source of leads for Vanti and ecoDriver, the Group's smart buildings businesses.

Unaudited management accounts indicate that, to the nearest £1,000, for the 12 months to 31 July 2025 WPC made a profit of £91,000 on revenue of £394,000, and for the 3 months to 31 October 2025 made a profit of £25,000 on revenue of £86,000. WPC's net asset value at 31 October 2025 was approximately £115,000 including cash of approximately £145,000.

Acquisition terms

The entire share capital of WPC has been acquired for the net asset value at completion. A payment on account of £50,000 has been made with the balance due once completion accounts have been agreed.

Further payments may be made as follows:

In respect of the calendar year ending 31 December 2026 a payment equal to a quarter of relevent revenues for that year, capped at £125,000 provided the WPC business generates £500,000 of total revenue.

In respect of the calendar year ending 31 December 2027 a payment capped at £25,000 provided the WPC business generates £750,000 of total revenue.

These additional payments would be made following receipt of funds, making the acquisition cashflow positive.

In line with other members of the Group's senior management team the vendor will join the existing share schemes and is expected to build a shareholding in the Group by purchasing shares in the open market subject to the rules of the Group's Share Dealing Code.

Comments

Nick Clark, Chief Executive, commented:

"This acquisition further strengthens Aukett Swanke's interiors offer, a key proposition with recent successes at Lazard and Lloyd's of London, and one that aligns with the growing use of smart building technology in these fit-outs."