Frp Advisory Group Regulatory News (FRP)

16 September 2020

FRP ADVISORY GROUP PLC

("FRP", the "Group" or the "Company")

Acquisition of JDC Group

FRP Advisory Group plc, a leading UK professional services firm specialising in restructuring advice, is pleased to announce the acquisition of the JDC Group. Consideration compromises cash, founder deferred consideration and the issue of new ordinary shares for a total of £5.3 million plus a further payment contingent on the net assets of the JDC Group at completion of the transaction.

JDC Group is based in the Eastern region and comprises the operating businesses of JDC Corporate Finance and Walton Dodge Forensic. The JDC Group was founded in 2004 and is the leading specialist corporate finance and forensic services firm in the East of England. It is headquartered in Norwich with offices in Chelmsford and London. The firm's 4 Directors (Jon Dodge, Dave Howes, Chris Adlam and Fiona Hotston Moore) will join FRP as Partners along with all staff, including 10 further fee earners.

For the year to 31 March 2020, JDC Group unaudited revenues were £3.1 million and unaudited adjusted EBITDA was £1.2 million.

Geoff Rowley, FRP CEO said:

"This deal gives us an immediate presence in the Eastern region and bolsters our Corporate Finance and Forensic Services offering. The team have earned themselves a great reputation and we are excited about the contributions they will make to FRP."

Jeremy French, FRP COO, said: 

"JDC Group and FRP have a shared ambition to be the advisory, corporate finance and forensic services business of choice for our referrers and clients alike and the acquisition of JDC Corporate Finance and Walton Dodge Forensic clearly re-states our commitment to growing these specialist areas within the FRP business, alongside our commitment to the growth of our wider business in the Eastern Region".

Jon Dodge, founder of JDC, said:

"We are delighted to have found in FRP a partnership that shares our core values of professionalism, commitment, integrity and tenacity and Dave, Chris, Fiona and I are all excited to be joining the firm as Partners. Our whole talented team are looking forward to further accelerating the growth of our core business streams within the Eastern Region and beyond, whilst at the same time extending the range of professional services that we offer."

1,188,512 new ordinary shares are to be issued as part of the transaction with admission expected to occur on 22 September 2020. Following the issue of new ordinary shares the Company will have 238,689,072 ordinary shares in issue. JDC Group employees will receive nil cost share option awards, depending on their service, from the existing FRP Employee Benefit Trust (EBT).

Enquiries:

FRP Advisory Group plc

Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via MHP

Cenkos Securities plc (Nominated Adviser and Sole Broker)

Max Hartley/Max Gould (Corporate Finance)

Alex Pollen (Sales)

Tel: +44 (0) 207 397 8900

MHP Communications (Financial Public Relations)

Oliver Hughes

Charlie Barker

Pete Lambie

Tel: +44 (0) 20 3128 8570

FRP@mhpc.com 

Notes to Editors

FRP is a professional services firm established in 2010 which 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.

· Pensions advisory: pension scheme transaction advisory, pension scheme restructuring advisory, covenant advisory and corporate governance

The JDC Group comprises the two specialist firms of JDC Corporate Finance and Walton Dodge Forensic:

· Since formation in 2004, JDC Corporate Finance has grown to become East Anglia's leading independent corporate finance and advisory firm, providing transaction and related business growth and tax advice to owner managed businesses.

· Walton Dodge Forensic is a specialist forensic accountancy firm providing expert opinion in contentious Court cases. Since its formation in 2005, the firm's nominated experts have been appointed to provide expert opinion in well over a thousand cases.

· Over the last five years, JDC Corporate Finance has led over 200 corporate finance and lead advisory transactions. In the same period Walton Dodge Forensic was instructed in over 250 cases.