TIDMDSW
RNS Number : 8567F
DSW Capital PLC
13 July 2023
13 July 2023
DSW CAPITAL PLC
("DSW Capital", "DSW" or the "Group")
(AIM: DSW)
New Licence and Corporate Recovery Service Line
DSW supports the MBO of Bridgewood Financial and takes its Fee
Earners to 107
DSW Capital, a profitable, mid-market, challenger professional
services licence network and owner of the Dow Schofield Watts
brand, is pleased to announce that it has provided loans totalling
GBP880,000, of which GBP100,000 will be a working capital loan, to
support the MBO of Bridgewood Financial Solutions Ltd
("Bridgewood"), a corporate recovery business, with 10 Fee Earners,
based in Nottingham. This deal takes the Group's total licensees to
23 and its Fee Earners to 107.
Bridgewood will become part of the DSW Network, rebranding as
DSW Bridgewood, and DSW Capital will receive licence fee income for
the use of the DSW brand.
As licensor, DSW will receive interest income, a licence fee
(based on a percentage of DSW Bridgewood revenue) and a share of
its profits. The minimum contracted return from DSW Bridgewood is
GBP130k in each of the first three years following completion.
In addition to the 10 new Fee Earners, including three partners,
the business brings a further four business development
managers.
James Dow, Chief Executive Officer, said:
"I am delighted to welcome the Bridgewood team to the DSW
network. The transaction broadens and strengthens DSW's
counter-cyclical offering and gives the Group its first office in
the Midlands, which will help to raise the Dow Schofield Watts
profile in that region, increasing the likelihood of further Fee
Earners joining the Network.
"Expanding into the Midlands has been a key area of focus for
the Group and the Directors are keen to develop other service lines
here. Having an existing team in this location provides a platform
to accelerate growth in the region, and will be a focus for
recruitment, which is already connecting us with promising
candidates to expand our offering in the region."
Robin Tarling, Managing Director, Bridgewood Financial said;
"The buy-out is an ideal scenario for all concerned. It enables
our two other partners, Andrew Smith and Tom Grummitt, who are key
members of the leadership team, to take a stake in the business and
gives us the autonomy to pursue our growth plans going forward,
while providing a return for our seed investors.
"Being part of the Dow Schofield Watt network will also give us
access to a strong support team and bring opportunities to expand
our services, including into other types of advisory work and
commercial financial broking.
"It has been a smooth, timely and seamless process with DSW.
They have been responsive, quick to understand our business model,
and their emphasis on strong cultural synergies was critical in
informing our decision to join the network."
For further information please contact:
DSW Capital
James Dow, Chief Executive Officer Tel: +44 (0) 1928
Nicole Burstow, Chief Financial Officer 378 029
Tel: +44 (0) 1928
378 039
Shore Capital (Nominated Adviser & Broker) Tel: +44 (0)20
James Thomas / Mark Percy / Rachel Goldstein 7408 4090
Guy Wiehahn / Isobel Jones (Corporate Broking)
Belvedere Communications
Cat Valentine Tel: +44 (0) 7715
Keeley Clarke 769 078
Tel: +44 (0) 7967
816 525
dsw@belvederepr.com
About DSW Capital
DSW Capital, owner of the Dow Schofield Watts brand, is a
profitable, mid-market, challenger professional services network
with a cash generative business model and scalable platform for
growth. Originally established in 2002, by three KPMG alumni, DSW
is one of the first platform models disrupting the traditional
model of accounting professional services firms. DSW operates
licensing arrangements with 23 licensee businesses with 107 fee
earners, across eight offices in England and two in Scotland. These
trade primarily under the Dow Schofield Watts brand.
DSW's vision is for the DSW Network to become the most
sought-after destination for ambitious, entrepreneurial
professionals to start and develop their own businesses. Through a
licensing model, DSW gives professionals the autonomy and
flexibility to fulfil their potential. Being part of the DSW
Network brings support benefits in recruitment, funding and
infrastructure. DSW's challenger model attracts experienced, senior
professionals, predominantly with a "Big 4" accounting firm
background, who want to launch their own businesses and recognise
the value of the Dow Schofield Watts brand and the synergies which
come from being part of the DSW Network.
DSW aims to scale its agile model through organic growth,
geographical expansion, additional service lines and investing in
"Break Outs" (existing teams in larger firms). The Directors are
targeting high margin, complementary, niche service lines with a
strong synergistic fit with the existing DSW Network.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQNKBBKCBKDAOD
(END) Dow Jones Newswires
July 13, 2023 02:00 ET (06:00 GMT)
Dsw Capital (LSE:DSW)
Historical Stock Chart
From May 2024 to Jun 2024
Dsw Capital (LSE:DSW)
Historical Stock Chart
From Jun 2023 to Jun 2024