REG - Manx Financial Group - Acquisition of CAM Wealth Group Holdings Limited

Manx FinancialAnnouncement

22/01/2025 07:00

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RNS Number : 1938U  Manx Financial Group PLC  22 January 2025

FOR IMMEDIATE
RELEASE
                        22 January 2025

 

Manx Financial Group PLC

 ("Group")

 

Acquisition of CAM Wealth Group Holdings Limited and CAM Wealth Group Limited

 

Manx Financial Group PLC (AIM:MFX), the holding company providing a range of
diversified financial services to the Isle of Man and the United Kingdom,
announces it has acquired the UK FCA licenced Wealth Management business, CAM
Wealth Group Holdings Limited and its subsidiary CAM Wealth Group Ltd,
(together "Cam Wealth"), trading as CAM Wealth (website at CAM Wealth
(https://camwealth.co.uk/) ).

 

This purchase links to the Group's growth strategy outlined in the December
2023 Chairman's Statement stating that we will look at accretive acquisitions
to continue developing a robust and diversified financial services group to
support the ongoing objective of continuously enhancing shareholder value.

 

Albeit currently small, this business with its accompanying UK FCA licences,
will provide an excellent platform from which we can build upon to provide
general insurance products, together with full financial planning and
investment services, to both retail and SME customers based in the UK. This
will include the 100,000 plus customers of Payment Assist Limited. In
addition, Cam Wealth will provide synergies in conjunction with the Group
owned Isle of Man IFA, Edgewater Associates Limited.

 

Douglas Grant, the Group's CEO said:

 

"The acquisition of CAM Wealth is a significant building block for Manx
Financial Group. By integrating CAM Wealth's expertise into our operations, we
unlock opportunities to provide our UK customers with a comprehensive suite of
financial planning, investment services, and insurance solutions. This
acquisition aligns perfectly with our objective of enhancing shareholder value
while exploring new avenues for growth within the UK's financial landscape."

 

Lizz Ewart, Director of CAM Wealth Group Holdings Limited said:

 

"I, and my fellow Director, Derek Gawne, are absolutely delighted to become
part of the MFG Group of companies and look forward to the enhanced growth
prospects afforded with this new relationship.  We believe this is a real
opportunity for us to assist MFG and their customers by providing a broader
range of services and skills.  We look forward to a mutually successful
future".

 

The consideration for the acquisition is £210,000 with a three year earnout,
capped and paid for with funds from the Group's own resources.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

For further information, please contact:

 

 Manx Financial Group PLC   Beaumont Cornish Limited      Greentarget Limited

 Denham Eke                 Roland Cornish/James Biddle   Jamie Brownlee

 Executive Vice Chair       Tel: +44 (0) 20 7628 3396     Tel: +44 (0) 20 3307 5726

 Tel: +44 (0) 1624 694694

 

 

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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