Restructuring firm FRP has acquired Sheffield-based competitor Wilson Field Group in a £4.8m deal.
Announcing the move to the London Stock Exchange, FRP said the deal cash of £3.1m and the issue of new ordinary shares with a value of £1.7m, plus another payment for net assets on completion. Two of Wilson Field’s directors – Nick Wilson and Kelly Burton – have become FRP partners while the rest of the 61-strong workforce have also joined FRP.
Wilson is said to have unaudited revenues of £5.3m for the year to the end of August 2022, with unaudited reported Ebitda of £700,000. Investors were told that Wilson Field’s annual underlying incremental contribution to FRP would be revenue of £5.6m and adjusted Ebitda of £1.1m
The acquisition is FRP’s seventh since its flotation three years ago. Full year results for the group, published earlier this summer, show revenue of £104m – an average of £1.3m per partner. It has made headway in the busy administrations market where it now boasts a 14% market share.
Geoff Rowley, CEO of FRP Advisory said: “Wilson Field is a great business that supports our growth strategy, with a highly complementary digital platform and on-the-ground presence in South Yorkshire. We expect to deepen referral relationships in Sheffield, with the team going to market locally as FRP. We are pleased to welcome Kelly, Nick and the team to the Group and look forward to working together. They share our values and I have no doubt will make a strong contribution to FRP, as we continue to grow.”
Nick Wilson, founder of Wilson Field, added: “We’re excited to be joining FRP. The move will create opportunities and enable us to extend the range of services we can offer to our clients. We are culturally aligned and look forward to accelerating our growth as part of the FRP Advisory Group.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber