Mason Richards Partnership
London
About Mason Richards Partnership
Established over 30 years ago as a partnership, MRP provides a broad range of services to the development industry, including town planning, urban design, architecture, landscape architecture, transport engineering and project management. It has a core staff of approximately 275 based in offices in Wolverhampton, Birmingham and Bristol. MRP acts on behalf of a large number of blue chip clients in the housing, health, education, leisure and retail sectors. MRP will be integrated with the Planning, Transport and Environment Division of RPS, with the design component forming a new sub-division, which will include other elements of the Division’s existing design capabilities. Recent MRP projects include a major regeneration scheme for the South West Regional Development Authority and Castlemore Securities at Temple Quay, Bristol; a strategic extension of the urban area of Gloucester for Crest Nicholson; a pumping station project for South West Water in Torbay; the development of designs for sustainable housing for a number of house builders and housing associations; the creation of an urban village on the former Jaguar Daimler Engine plant at Coventry and a range of developments for ASDA/Wal-Mart. In the year ended 31 December 2003 MRP had turnover of £16.9 million and partnership profits of £5.4 million. Employment contracts have been agreed with 11 of the 13 former MRP partners for their employment with RPS; the other two former partners retired at completion. Adjusting the partnership profits by the total employment costs for the partners joining RPS gives rise to a pro forma profit before tax for the year ended 31 December 2003 in the order of £4.0 million. The maximum total consideration payable for the business and certain assets of MRP is £25.2 million, on a debt free/cash free basis. At completion the vendors received £13.2 million in cash and 2.3 million new RPS shares priced at 114.15 pence and valued at £2.6 million. Assuming certain operational conditions are met, a further £2.3 million in cash will be payable at the first anniversary of the transaction, £3.3 million in cash will be payable on the second anniversary of the transaction and a final tranche of £3.8 million of cash will be payable upon the third anniversary of the transaction.
Company Facts
- Operating status: Active
- Company type: For Profit
- IPO status: Private
- Website: mrp.co.uk
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