Last checked at 31 Oct 2023 07:00
31 October 2023
BROOKS MACDONALD GROUP PLC
Organisational changes
Brooks Macdonald Group plc ("Brooks Macdonald" or "the Group") today announces changes designed to ensure it is set up for success, organised to deliver its strategy and drive growth. The Group proposes to reduce the number of roles in the organisation by c.55. Brooks Macdonald is today informing employees of the proposals, which will be subject to consultation. The Group will provide comprehensive outplacement support to those affected.
These changes will not affect the level of service the Group delivers to its clients, nor its footprint of offices across the UK and Crown Dependencies. The Group will remain focused on delivering high-quality service to our clients and intermediaries, while ensuring it supports employees through the process.
The actions are expected to result in an annualised staff cost reduction of c.£4m, aligned with the Group's long-standing focus on cost discipline. The Group expects the cost of the changes to be up to c.£3m, a non-recurring expense which it intends to exclude from its reported underlying profit. For FY24 the Group continues to expect overall costs to grow in mid-single digits, in line with existing market expectations.
Andrew Shepherd, CEO of Brooks Macdonald stated:
"As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the Group stronger. Our Guiding Principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.
"I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people."
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as defined in Article 7 of the EU Market Abuse Regulation No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 and amended by the Market Abuse Exit Regulations 2019 (collectively, "UK MAR"). With the publication of this announcement, this information is now considered to be in the public domain. For the purposes of UK MAR, the person responsible for arranging for the release of this information on behalf of Brooks Macdonald is Company Secretary Phil Naylor.
Enquiries to:
Brooks Macdonald Group plc Andrew Shepherd, CEO Andrea Montague, Chief Financial Officer
| www.brooksmacdonald.com 020 7927 4816 |
Peel Hunt LLP (Nominated Adviser and Broker) Paul Shackleton / Andrew Buchanan / John Welch
| 020 7418 8900 |
FTI Consulting Edward Berry / Katherine Bell
| brooksmacdonald@fticonsulting.com 07703 330199 / 07976 870961 |
Notes to editors
Brooks Macdonald Group plc, through its various subsidiaries, provides leading wealth management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had discretionary Funds under Management of £16.9 billion as at 30 September 2023.
Brooks Macdonald offers a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts. The Group also provides financial planning as well as international investment management, and acts as fund manager to a range of onshore and international funds.
The Group has fifteen offices across the UK and Crown Dependencies including London, Birmingham, Cheltenham, East Anglia, Exeter, Leeds, Manchester, Nuneaton, Southampton, Tunbridge Wells, Scotland, Wales, Jersey, Guernsey and Isle of Man.
LEI: 213800WRDF8LB8MIEX37
www.brooksmacdonald.com / @BrooksMacdonald