Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCWD.L Share News (CWD)

  • There is currently no data for CWD

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE: Harwood Wealth To Join AIM As Watkin Jones Details Float (ALLIPO)

Fri, 11th Mar 2016 11:53

LONDON (Alliance News) - Financial planning and wealth management firm Harwood Wealth Group PLC on Friday said it will float on AIM, while student accommodation developer Watkin Jones Ltd provided more detail on its upcoming AIM listing.

Harwood said it has raised GBP13.5 million through a fundraising ahead of admission to the London junior market, run by broker and nominated adviser N+1 Singer. Of this, GBP10.0 million has been raised as new equity for the company. Harwood later Friday said it expects to be valued at GBP45.0 million by market capitalisation when its shares begin trading.

The firm is the parent of a group of financial planning and discretionary wealth management firms based in the UK, focused on providing investment advice, management and administration services to clients.

Harwood intends to use the proceeds to grow its business further, retain key staff and pursue potential acquisitions.

"Following the Retail Distribution Review the industry is undergoing significant structural change. Many financial advisory firms have strong client books but unworkable, fragmented models, rising regulatory costs and a need to outsource certain functions or to be acquired," said Alan Durrant, joint chief executive of Harwood alongside Neil Dunkley.

"All these factors create a significant opportunity for Harwood Wealth's acquisitive growth strategy and the vertically integrated model," Durrant added.

Watkin Jones, meanwhile, had flagged its upcoming listing via a regulatory filing earlier this week, but provided more detail on its plans on Friday.

The company, which will also list on AIM, did not give details on how many shares it would float or at what price, but said it expects dealings in its shares to start on March 23 and that its expected market capitalisation upon admission will be around GBP255.0 million.

Zeus Capital is acting as nominated adviser, joint bookrunner and joint broker to the firm, with Peel Hunt joint bookrunner and joint broker.

Watkin Jones is a UK-based student accommodation developer with an additional exposure to the private rented sector. It currently has 31 developments in the pipeline, which remain on track. For the year to the end of September 2015, it posted an operating profit of GBP32.5 million on revenue of GBP244.2 million.

The company is chaired by Grenville Turner, also the chairman of FTSE 250-listed estate agent and property services firm Countrywide PLC.

"We are delighted to announce our plans to join the AIM market. The entire team has worked hard to establish our position as a leader in the UK student accommodation development market, and it is this ability and ambition that will allow us to capitalise on the significant opportunities ahead," said Chief Executive Mark Watkin Jones.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
11 Jan 2017 14:31

Almost 1,000 estate agents 'unlikely to still be trading' in three years

(ShareCast News) - As Foxtons revealed details of its troubled 2016 and warned of continued harder times in the year ahead, new analysis of the housing sector confirmed increasing levels of financial distress among UK estate agents. Nearly 1,000 estate agencies could be wiped out over the next three

Read more
16 Dec 2016 09:29

BROKER RATINGS SUMMARY: Shore Upgrades Downtrodden IG And CMC Markets

Read more
15 Dec 2016 16:42

Countrywide considering sale of commercial property business

(ShareCast News) - FTSE 250 estate agency group Countrywide confirmed on Thursday that it is undergoing a strategic review in relation to its commercial property arm, Lambert Smith Hampton. In a brief statement in response to earlier press speculation, Countrywide said it is considering a potential

Read more
25 Nov 2016 20:13

FTSE 250 movers: Paragon Group jumps, AMEC sinks

(ShareCast News) - Paragon Group led to the upside on the back of a positive endorsement from broker Jefferies. Analyst Phil Dobbin said: "Paragon is evolving from a securitized non-bank lender to a more diversified retail funded banking group. We believe that the company has the ability to gain mar

Read more
25 Nov 2016 10:37

WINNERS & LOSERS SUMMARY: AstraZeneca Up As Liberum Says Undervalued

Read more
24 Nov 2016 17:00

LONDON MARKET CLOSE: Stocks Drift To Mixed Finish With US On Holiday

Read more
24 Nov 2016 16:41

London close: UK stocks subdued on US Thanksgiving as resources in focus

(ShareCast News) - UK stocks were in cautious form all day Thursday, with global markets generally subdued as traders in the US put their feet up for a Thanksgiving break. The FTSE 100 closed up 0.17% to 6,829.20. The FTSE 250 ended the session down 0.18% to 17,590.62. On the blue-chip upside, seve

Read more
24 Nov 2016 12:00

LONDON MARKET MIDDAY: Countrywide Shares Sold Amid Quiet Market

Read more
24 Nov 2016 07:34

Countrywide tumbles to new low on Brexit profit warning

(ShareCast News) - Estate agent Countrywide warned that operating profits will be lower than expected for the full year, due to a "tough" residential market as a result of a change in stamp duty and the EU referendum. The FTSE 250 company said due to reduced transactions in the second half of the ye

Read more
23 Nov 2016 14:54

2nd UPDATE: Government Letting Fee Ban Will Drive Up Rents - Savills

Read more
23 Nov 2016 11:56

LONDON MARKET MIDDAY: Estate Agents Sold Ahead Of UK Autumn Statement

Read more
23 Nov 2016 09:24

Estate agents stung by Chancellor's ban on letting fees

(ShareCast News) - In his Autumn Statement, Chancellor Philip Hammond announced he planned to clamp down on letting agent fees, sending estate agents shares lower on Wednesday. Shares of companies in the sector were sharply lower in early trade, with Foxtons were down 9%, Countrywide losing 5% and L

Read more
11 Nov 2016 12:19

LONDON MARKET MIDDAY: Trump Rally Cools Ahead Of Risk-Off Weekend

Read more
25 Oct 2016 10:11

Broker tips: Howden Joinery Group, Segro, Countrywide

(ShareCast News) - Howden Joinery Group shares dropped on Tuesday as Berenberg lowered its recommendation on the stock to 'hold' from 'buy' and cut the target price to 450p from 550p. Berenberg said the supplier of kitchens and joinery products is seemingly one of the most exposed companies in its U

Read more
25 Oct 2016 10:10

Tuesday broker round-up

(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.