Fintel makes double acquisitions worth more than £9m

Trending Today

Financial technology group Fintel has made two acquisitions in deals worth a combined £9.1m.

The Huddersfield-based firm has bought VouchedFor – review site for financial advisers, mortgage advisers, solicitors and accountants – in a £7.5m cash deal with a further revenue-contingent sum capped at £10m, based on trading over the next two years. Fintel has promised to boost growth at VouchedFor, which is said to be break even after investment, having funded the acquisition mainly through its £80m revolving credit facility.

In an update to the London Stock Exchange, Fintel bosses said the reviews site’s new “Elevation” product – a system that gives clients’ private feedback to advisers – helps firms monitor consumer duty compliance and will complement its own offer.

At the same time, Fintel’s Defaqto business announced the acquisition of financial information and ratings specialist AKG. The £1.6m deal was funded from cash reserves and comes with a £400,000 contingent earnout based on certain trading in the first three years of ownership.

AKG provides independent assessments and ratings of financial strength for a range of financial services organisations. Fintel said it would use resources from across its group to invest in AKG and potentially break into new sectors.

Matt Timmins, joint CEO of Fintel, said: “Our positive trading momentum has continued into the second half, with continued growth in SaaS and Subscriptions revenues, supported by our resilient, diversified revenue base. VouchedFor and AKG are two market leading businesses which are highly complementary to our offering and share our vision. VouchedFor is the UK’s standard bearer for Trusted Advice while AKG has been at the forefront of financial strength ratings and consultancy for over 20 years. Both have strong adjacencies in terms of our capabilities and customers, and we look forward to further developing their compelling growth prospects.

“We continue to deliver growth organically and make progress consolidating the fragmented software market, providing efficiencies for advisers and creating better outcomes for all participants. With a strong M&A pipeline, underpinned by our balance sheet and cash position, we are confident in making further strategic progress.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

Now Playing

Recently Played

Latest News

‘Loads of empty shops’ – High Street challenges raised in Parliament by Melanie Onn MP

Great Grimsby and Cleethorpes’ Labour MP Melanie Onn has discussed the prevalence of empty shops in town in Parliament. She also expressed dislike of the abundance of vape shops. Regeneration, support for youth services and the steel industry have been discussed by Grimsby’s MPs this month in Parliament. This includes a speech by Ms Onn on the state of high streets, and empty shops locally. Read on below for a summary of some of the local topics raised by Grimsby’s MPs. Read More: Keep up to date with all the latest breaking news and top stories from Grimsby with our free newsletter Empty shops and regeneration Ms Onn said there were “loads of empty shops” in Grimsby and Cleethorpes at a towns and cities regeneration debate part-chaired by Brigg and Immingham’s Conservative MP Martin Vickers. “Companies, particularly banks, are leaving big gaps that lie empty for extended periods of time,” she said. She also mentioned businesses are “really concerned” about Levelling Up Fund-supported plans to mostly pedestrianise Cleethorpes Market Place. On empty shops, she expressed dislike for certain shops filling so many spots. “When they are filled – this is an issue that I have raised before – they are filled with vape shops and barbers and there is a real lack of a range of different options.” Ms Onn claimed there was no national strategy for a decade-and-a-half on town centres. It had fallen to local areas to present plans to government and “gradually eke out funds, at sporadic intervals, to try to fulfil their local vision”. In this context, she praised the 2025 Group in Grimsby. “We have some brilliant businesses in our town centres and on our high streets,” she said, before sharing her thoughts on Grimsby’s best chippy. “I will say that Buzz Café has the best chips in the world.” Inside the Haven Centre in Osborne Street, Grimsby (Image: NELC) Youth Services Youth services was a topic both MPs spoke on. The Great Grimsby and Cleethorpes’ MP called Haven Centre in Osborne Street, Grimsby, “a shining example of youth services”. Since it opened, anti-social behaviour reported incidents in the town centre had decreased by 35 per cent in the last year, she said. Secretary of State Lisa Nandy stated, “It is a source of national shame that youth funding decreased by 73 per cent under the last Government.” Mr Vickers agreed with criticism of the last Government for “reducing the resources made available to the youth sector”. But he sought assurance the new Government “will actually increase those resources”. “We are determined to grip this issue,” Ms Nandy replied. She added: “We will develop and co-produce a strategy for a generation of young people, working alongside them and with the incredible youth workers at The Haven, the OnSide youth zones and many other places, including in Chorley, to support a generation to succeed.” Brigg and Immingham MP Martin Vickers, pictured, on steel: “It is hard to exaggerate how crucial this is to Scunthorpe…” (Image: Copyright Unknown) Steelworks uncertainty Via Scartho Ward, Mr Vickers represents Grimsby, but his constituency is largely North Lincolnshire. Uncertainty over thousands of jobs at British Steel‘s Scunthorpe steelworks continues. The Brigg and Immingham MP spoke extensively in a steel industry debate secured by Reform MP Richard Tice. Mr Vickers asked, “Will the Minister level with workers at the Scunthorpe site and set out exactly what this Government’s intentions are?”, and whether it wanted a domestic steel industry. Maintaining one “will always demand support from the public purse. Without a steel industry, we are in effect admitting that we no longer aspire to be a major manufacturing nation and accepting that we do not value the defence industry.” He concluded: “It is hard to exaggerate how crucial this is to Scunthorpe, to northern Lincolnshire and to the UK as a whole. We must bring this situation to a conclusion speedily to avoid the anxiety that workers are currently experiencing.” Industry Minister Sarah Jones pledged a government steel strategy, “developed and delivered in partnership with the steel sector and the trade unions”. For commercial confidentiality reasons, she could not explain discussions with British Steel’s owners, Jingye Group. Conversations were happening all the time and “we are working unbelievably hard to get a solution for Scunthorpe,” she said. Join the FREE Grimsby Live WhatsApp Community Get all the latest stories, sent straight to your WhatsApp – all you need to do is click the link. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. If you’re curious, you can read our Privacy Notice. Original artice: https://www.grimsbytelegraph.co.uk/all-about/scunthorpe

Labour MP Mike Amesbury to co operate with police after reports of assault

A Labour MP has said he will “co-operate with any inquiries” police have as officers probe reports of an alleged assault involving the backbencher. Mike Amesbury said an incident on Saturday had left him feeling “threatened” after footage circulated online appearing to show him berating a man who was lying on the road before a bystander pushed him away. Cheshire Police confirmed officers were called to reports of an attack in Frodsham at 2.48am and “inquiries are ongoing”. In a video clip shared on social media, the MP for Runcorn and Helsby appeared to point his finger at the man on the ground and say: “You won’t ever threaten me again, will you?” while someone off-camera shouts at him. In a statement, Mr Amesbury, 55, said he was “determined to remain an open and accessible MP for our community” and would “co-operate with any inquiries” officers have about the apparent altercation. “Last night, I was involved in an incident that took place after I felt threatened on the street following an evening out with friends,” he said. “This morning, I contacted Cheshire Police myself to report what happened during the incident. “I will not be making further public comment but will, of course, cooperate with any inquiries if required by Cheshire Police. “I remain fully committed to working hard for the people of Runcorn and Helsby, and am determined to remain an open and accessible MP for our community.” Earlier on Friday, Mr Amesbury had posted on social media about attending a meeting with local residents about policing and community safety. In July last year, a 56-year-old man was convicted of stalking the MP at his constituency office in Frodsham, where prosecutors said he was seen staring through the glass and asked guards about their level of security. A Labour spokesperson said the party was aware of the incident on Saturday and “we understand that (Mr Amesbury) approached Cheshire Police to report what happened this morning himself and that he will co-operate with any inquiries they have.” Cheshire Police said: “At 2.48am on October 26, police were called to reports of an assault in Frodsham. “A caller reported he had been assaulted by a man in Main Street. “Inquiries are ongoing.” Published: 26/10/2024 by Radio NewsHub

The V.I.P Club 👑

Join the V.I.P Club and receive exclusive special offers, competitions and amazing prizes. It’s FREE and easy to do!

ON AIR NOW:

Fintel makes double acquisitions worth more than £9m

Now Playing

Recently Played

Latest News

‘Loads of empty shops’ – High Street challenges raised in Parliament by Melanie Onn MP

Labour MP Mike Amesbury to co operate with police after reports of assault

Follow us

The V.I.P Club 👑

Back to top

We are Proud Members of

Station Sponsor

Sponsors

Contact: