Commercial real estate consultants Colliers CRE has bought Huthwaite Building Consultants for £1.1 million. The acquirer will pay £770,000 in cash and the balance in shares.

Commercial real estate consultants Colliers CRE has bought Huthwaite Building Consultants for £1.1 million. The acquirer will pay £770,000 in cash and the balance in shares.

More than half of the consideration was paid on completion with the remaining 40 per cent due in equal instalments over the next three years.

Huthwaite’s principals, Robert Huthwaite and Martin Wright, will become directors at Colliers, with Huthwaite to be appointed head of building consultancy. The remaining eight staff will be integrated into Colliers’ Bristol office.

Colliers employs more than 850 people in 16 UK offices. Its services include property management, valuation and building consultancy, and its clients are based in the UK and overseas. Last year the company reported a turnover of £92 million and pre-tax profits of £9.8 million.

Bristol-based Huthwaite specialises in the healthcare, education and agricultural diversification sectors. In the ten months to March 2007, the company generated pre-tax profits of £137,000 from turnover of £600,000.