FRP Advisory Group plc (AIM:FRP) acquired Spectrum Corporate Finance LLP from five undisclosed sellers for £9.4 million on February 26, 2021. Under the terms of the transaction, consideration includes cash payment of £9.4 million plus a further payment contingent on the net assets. The five key selling shareholders of Spectrum have agreed to subscribe for £3.8 million of subscription shares being the closing mid-price on February 23, 2021. The cash proceeds will be funded by a partial drawdown under the existing Revolving Credit Facility. For the year 2020, Spectrum revenue of reported revenue of £4 million and EBITDA of £0.5 million. 27 employees will join FRP including seven as partners Simon Davies, Clive Hatchard, Ian Milne, Mark Farlow, Simon Sherliker, Darren Miller and James Mines. Cenkos Securities plc (AIM:CNKS) acted as financial advisor to FRP Advisory.
FRP Advisory Group plc (AIM:FRP) completed the acquisition of Spectrum Corporate Finance LLP from five undisclosed sellers on February 26, 2021.