General Industries to buy housing consultancy for £6.572m.

Investment firm General Industries said it would acquire Altair Consultancy and Advisory Services in a £6.572m deal.

The transaction would be a reverse takeover as Altair would ultimately become listed, and was subject to shareholders’ approval.

For the full year ended March 2015 Altair, which specialises in housing advice, posted revenue of $4.074m and pre-tax profit of £ 592,718.

General Industries said there was a strong and growing market for services to local authorities, housing associations, charities, regulators and government departments operating in the provision of affordable housing, market rent and home ownership initiatives.

Shares in General Industries were unchanged at 0903 BST at 31p.