REG - FRP Advisory Grp PLC - Acquisition of GWC

Frp AdvisoryAnnouncement

11/03/2024 07:00

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RNS Number : 2466G  FRP Advisory Group PLC  11 March 2024

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 (mailto: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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