Aukett Fitzroy Robinson halts SMC Group merger talks
Aukett Fitzroy Robinson (AFR) has called off all talks with SMC Group over a potential merger
The two AJ100-listed practices first started negotiations back in August, but things looked in doubt last month when SMC published poor quarterly results.
In a statement AFR said: ‘The company today announces that it has been unable to agree satisfactory terms with SMC for a merger and those discussions with SMC have ceased.’
When the merger talks first started it looked like SMC’s fortunes were changing. After an unfavourable trading review earlier this year, the company – listed the UK’s second largest architecture practice in this year’s AJ100 – was forced to close some of its offices.
The review also led to the resignation of SMC’s flamboyant chairman Stewart McColl.
AFR has continued to report strong financial results and, according to its last trading update, is likely to hit its trading forecasts.