Thu, 02 Mar 2023 | BUSINESS SALE
Torpedo Factory Group (TFG), a provider of technology for audio, visual and stage, has been acquired by Aukett Swanke Group in a deal worth £2.8 million. The consideration will be paid in stock through the issue of 110.1 million shares. An additional consideration of up to £92,593 will be payable to TFG option holders through the issue of up to a further 3,631,124 new ordinary shares post-completion.
TFG operates in the intelligent environments market, designing, installing and maintaining integrated audio-visual systems for clients in the corporate and public sectors, as well as creating and maintaining stage technology systems for a wide array of performance venues.
In TFG’s most recent accounts at Companies House, covering the period from January 1 2020 to June 30 2021, the company reported revenue of £7.7 million, down from £9 million in the year to December 31 2019. The group also fell from a post-tax profit of £567,397 in 2019 to a loss of £244,651 in the subsequent 18-month period.
The company said that it had extended its accounting period due to the impact of the COVID-19 pandemic, which had a considerable adverse effect on the majority of TFG’s divisions, leading to the group seeing its revenue fall and ultimately reporting a loss. In those accounts, the company said that the year to June 30 2022 was “seeing an improvement in the Group’s trading position”.
Aukett Swanke is an architecture and interior design services firm, which has UK operations in London and Tunbridge Wells. The acquisition will enable the company to move towards its objective of expanding from its core architecture operations into smart-buildings technology.
Aukett Swanke Group Chairman Clive Carver said: "Aukett Swanke's skills and knowledge gained from many years at the prestige end of the traditional architecture market combined with TFG's focus on exploiting the opportunities afforded by technology will allow the enlarged group to offer a wide range of services to existing and new clients in the property world."
TFG founder and CEO Nick Clark, who will join Aukett Swanke’s board as an executive director post-completion, added: "This is an exciting opportunity for both companies. Technology is transforming the way buildings are designed, built and run. As one of the world's leading architecture firms, Aukett Swanke will be at the forefront of this change.”
"TFG brings expertise in technology system design and integration, and being part of ASG positions us well to capitalise on the growing demand for smart buildings. Together, we can make the built environment more sustainable while providing a better experience for those who engage with it."
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