Last checked at 3 Apr 2023 07:00
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)