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Alsop confirms deal to sell practice to SMC

The SMC Group and Alsop Design have confirmed the major deal that will see Will Alsop's famous practice bought out.

The deal sees Stewart McColl's listed company buy Alsop's business from Alsop and a group of venture capitalist shareholders for £1.8 million.

Both parties argue that the deal will match Alsop's 'creative flair' with the SMC Group's 'focused approach to project delivery'.

The deal is by far SMC's most high-profile deal to date. It represents the sixth acquisition by the group since it was floated last summer.

News of the deal first emerged last weekend ( SMC on verge of shock Alsop takeover).

In a statement released late yesterday, both McColl and Alsop said they were delighted with the deal.

McColl said: 'I am very excited at being able to bring into the SMC Group such a world-renowned architect as Will Alsop and his team.

'This acquisition will increase our profile within the international architectural industry, significantly increasing our global exposure, particularly to larger, higher-margin projects.'

Unsurprisingly, Alsop agreed: 'At Alsop's, we attract exciting and dynamic design commissions from all around the world,' he said.

'Joining the SMC Group will allow us to continue to apply our creative skills within a successfully structured business environment, with a strong project-implementation record,' he added.

Read a full interview with Stewart McColl here.

by Ed Dorrell

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