11 March 2024
FRP ADVISORY GROUP
PLC
("FRP",
the "Group" or the "Company")
Acquisition of GWC in the Isle of Man
FRP Advisory Group plc, a leading
national specialist business advisory firm, is pleased to announce
the acquisition of GWC* based in Douglas, which provides advisory
and insolvency services across the Isle of
Man. The firm's owner, Gordon Wilson will
join FRP as a Partner. The rest of the GWC team comprising eight
colleagues will also join FRP.
The acquisition is the Group's
eighth since IPO in March 2020. 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 its geographical
footprint.
Geoff Rowley, FRP CEO said:
"We're delighted to welcome Gordon, Kathleen and the team to
FRP, further strengthening our offshore and international presence.
This follows the acquisition of APP in Cyprus in 2022 and supports
our work with global advisory organisation Eight International,
enabling us to better support our clients on international matters.
Having worked with the team at GWC for several years, we know they
share our values and are experts in their field, focusing on
providing the highest quality service to their clients. I have no
doubt they will make a positive contribution to the business as
they continue to grow in the Isle of Man."
Gordon Wilson of GWC, said:
"We're excited to be joining FRP. We have worked with the team
for the last few years, and this cements what has been a fantastic
working relationship. We are looking forward to growing and
developing the business in the Isle of Man to make it the leading
restructuring firm on the Island. This will enable us to continue
to provide our existing and new clients with an industry-leading
level of service, as well as access to FRP's wider offering. The
investment in our firm from FRP is a strong endorsement of the Isle
of Man market and will create employment opportunities for
exceptional talent across the island and beyond."
Given the proximity to the Company's
30 April 2024 year end, contributions from the GWC acquisition are
not expected to alter market expectations for this financial
year.
444,445 new ordinary shares
(the "Consideration Shares") are to be issued as part of the transaction 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 13 March 2024.
Following Admission, the Company will have
251,377,035 ordinary shares in issue with each ordinary share
carrying the right to one vote. 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.
* GWC consists of
two entities: GW Holdings Ltd and Gordon Wilson & Co
Ltd
Enquiries:
FRP
Advisory Group plc
Geoff Rowley, CEO
Jeremy French, COO
Gavin Jones, CFO
Enquiries via MHP
Cavendish Capital Markets Limited
(Nominated Adviser and Joint Broker)
Katy Birkin/Stephen Keys/George
Lawson (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
Communications (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.