The PraxisIFM Group has today announced that negotiations to combine with Oak Group have closed.
The end of negotiations will enable both companies to continue to focus on performance improvement and integration within their own businesses.
As announced in its 2020 Annual Report, PraxisIFM is undergoing a process of performance improvement. Oak is also going through a process of change with the integration of the businesses it has acquired recently.
In an announcement to The International Stock Exchange on 15 December 2020, the Group said that the decision to close negotiations had been taken after extensive talks. ‘Both PraxisIFM and Oak have concluded that now is not the right time to combine the businesses and so negotiations have closed,’ said Chief Executive Officer Robert Fearis. ‘Both companies recognise the significant benefits of a potential combination and are committed to reopening discussions in the future.
‘I would like to thank the teams involved for all their hard work on the project,’ added Rob.
PraxisIFM’s new Senior Management Team, led by Rob, continues to work on improving its performance. In a trading statement released in October 2020, it announced that financial performance had improved significantly during the first quarter of the current financial year (2020/1).
Its interim results for the half year to 31 October 2020 are due to be released in late January 2021 and Rob added these will show a continuation of the improved performance and that the results continue to be in line with budget.