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Fiske Plc announced on 03 April 2023 the acquisition of a client book from Brian Thomlinson, a self-employed Investment Manager. The acquired client book has approximately £47 million in assets under management and generated £320,000 in gross revenue in the last twelve months. The initial cash consideration is £160,000, with a maximum deferred consideration of £160,000 payable in three annual instalments, and Brian Thomlinson will become an employee of the Company.
| Date | 3 Apr 2023 |
| Time | 07:00:09 |
| Category | Acquisitions and alliances |
| ID | 0196V |
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)