Bitter Sweet(t) moment for WSP

I bet property consultant WSP is feeling rather relieved that it didn't press ahead with the purchase of Sweett Group at the beginning of the year.

For readers that don't recall, I had a story that WSP - which is owned by Canada-based Genivar Inc - was on the verge of buying Sweett Group in early January but pulled out of the deal around the time the Aim-listed business made this announcement:

Sweett Group is not so sweet after all

Sweett Group shares have taken a hammering this morning, tumbling by almost 30pc.

This is because the company, one of Britain's oldest quantity surveyors, said it has discovered evidence that suggests "material instances of deception may have been perpetrated by a former employee or employees of the group during the period of 2009 - 2011".

Predator circles Sweett Group

Here is a very interesting tale about one of Britain’s oldest quantity surveyors. I hear Sweett Group, formerly known as Cyril Sweett, has attracted a suitor.

Well-placed sources tell me WSP, which is now owned by Canada’s Genivar Inc, has been sniffing around Sweett Group over the last six months or so.