REG - Fiske PLC - Acquisition of Client Book

FiskeAnnouncement

03/04/2023 07:00

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RNS Number : 0196V  Fiske PLC  03 April 2023

3 April 2023

 

 

Fiske Plc
('Fiske' or 'the Company')

Acquisition of Client Book

The Company today announces the acquisition of a book of existing client
relationships ('Client Book') from Brian Thomlinson ('Brian'), a
long-standing, self-employed Investment Manager of the Company (the
'Acquisition').  The assets under management ("AUM") in the Client Book are
approximately £47m and the gross revenue generated from the Client Book in
the last twelve months was £320,000.

The AUM and revenues of the Client Book are already included in the reported
financials of the Company under the existing arrangements with Brian and
consequently the Acquisition represents a change in the ownership of the
Client Book and the previous revenue sharing arrangements.  Brian will become
an employee of the Company following the Acquisition.

The initial cash consideration is £160,000, which is payable immediately, and
there will be a maximum deferred consideration of £160,000 which will be
payable in three annual instalments, subject to certain performance
conditions.

It is expected that the transaction will have a neutral impact on the
performance of the Company.

For further information please contact:

 

  • Samantha Harrison/Harrison Clarke/Samuel Littler, Grant Thornton UK LLP
(Nominated Adviser)

    (tel: 020 7383 5100)

 

  • James Harrison, Fiske Plc - CEO

    (tel: 020 7448 4700)

 

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