TIDMFRP
RNS Number : 0807M
FRP Advisory Group PLC
12 September 2023
12 September 2023
FRP ADVISORY GROUP PLC
("FRP", the "Group" or the "Company")
Acquisition of Wilson Field Group
FRP Advisory Group plc, a leading national specialist business
advisory firm, is pleased to announce the acquisition of Wilson
Field Group* for a consideration of GBP4.8 million. This comprises
cash of GBP3.1 million and the issue of new ordinary shares with a
value of GBP1.7 million, plus a subsequent payment for the net
assets acquired on completion (the "Acquisition").
The Wilson Field Group is based in Sheffield and comprises the
operating businesses of Wilson Field Ltd and Wilson Field Financial
Services Ltd, providing restructuring advisory and debt advisory
services. The business provides services to clients both locally
and nationwide, supported by the Wilson Field website and
operational platform, which FRP intends to retain within the Group.
Two of the firm's Directors, Nick Wilson and Kelly Burton will join
FRP as Partners. The rest of the Wilson Field team will also join
FRP, including 61 colleagues.
For the year to 31 August 2022, Wilson Field's consolidated
unaudited revenues were GBP5.3 million and unaudited reported
EBITDA was GBP0.7 million. On an annual basis going forward it is
expected that Wilson Field's underlying incremental contribution to
FRP will be revenue of GBP5.6 million and adjusted(1) EBITDA of
GBP1.1 million.
FRP's strategy is to generate sustainable profitable growth by
combining a focus on organic growth with acquisitions that meet the
Group's selective criteria. This approach enables the Group to
increase market share, broaden the service offering to clients and
expand the geographical footprint. The acquisition is the Group's
seventh since IPO in March 2020.
Geoff Rowley, CEO of FRP Advisory said: "Wilson Field is a great
business that supports our growth strategy, with a highly
complementary digital platform and on-the-ground presence in South
Yorkshire. We expect to deepen referral relationships in Sheffield,
with the team going to market locally as FRP. We are pleased to
welcome Kelly, Nick and the team to the Group and look forward to
working together. They share our values and I have no doubt will
make a strong contribution to FRP, as we continue to grow."
Nick Wilson, founder of Wilson Field, said: " We're excited to
be joining FRP. The move will create opportunities and enable us to
extend the range of services we can offer to our clients. We are
culturally aligned and look forward to accelerating our growth as
part of the FRP Advisory Group."
1,531,532 new ordinary shares (the "Consideration Shares") are
to be issued as part of the Acquisition with application to be made
to trading on the AIM market of the London Stock Exchange
("Admission"). The Consideration Shares will rank pari passu with
the Company's existing ordinary shares. It is expected that
Admission of the Consideration Shares will become effective and
that dealings will commence at 8.00 a.m. on 15 September 2023.
Following the issue of the Consideration Shares the Company will
have 250,932,590 ordinary shares in issue with each ordinary share
carrying the right to one vote and no ordinary shares held in
treasury. The above figure may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
*The Wilson Field Group acquired comprises Wilson Field Group
Ltd, Wilson Field Ltd and Wilson Field Financial Solutions Ltd
.
(1) Adjusted to reflect Partner compensation under the future
FRP model and excluding exceptional costs, share based payment
charges arising from deemed remuneration or share options granted
to staff which were previously funded on IPO.
Change of Name of Nominated Adviser and Joint Broker
The Company also announces that its nominated adviser and joint
broker has changed its name to Cavendish Securities (formerly
Cenkos Securities plc) following completion of its own corporate
merger.
Enquiries:
FRP Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via MHP
Cavendish Securities (Nominated Adviser and Joint Broker)
Katy Birkin/ Stephen Keys (Corporate Finance)
Tel: +44 (0) 207 220 0500
Investec Bank plc (Joint Broker)
Carlton Nelson / James Rudd (Corporate Broking)
Tel: +44 (0) 207 597 4000
MHP Group (Financial Public Relations)
Oliver Hughes
Charlie Barker
Catherine Chapman
Tel: +44 (0) 783 462 3818
FRP@mhpgroup.com
Notes to Editors
FRP is a leading national specialist business advisory firm
established in 2010. It offers a range of advisory services to
companies, lenders, investors and other stakeholders, as well as
individuals. These services include:
-- Restructuring advisory: corporate financial advisory, formal
insolvency appointments, informal restructuring advisory, personal
insolvency and general advice to all stakeholders.
-- Corporate finance: mergers & acquisitions (M&A),
strategic advisory and valuations, financial due diligence, capital
raising, special situations M&A and partial exits.
-- Debt advisory: raising and refinancing debt, debt amendments
and extensions, restructuring debt, asset based lending and
corporate and leveraged debt advisory.
-- Forensic services: forensic investigations, compliance and
risk advisory, dispute services and forensic technology.
-- Financial advisory: transaction services including financial
due diligence, lender services, financial modelling, valuations,
pensions and company-side advisory services.
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END
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