Harwood Wealth Management Group PLC Acquisition of Fund Management Limited
April 30 2018 - 1:02AM
RNS Non-Regulatory
TIDMHW.
Harwood Wealth Management Group PLC
30 April 2018
30 April 2018
Harwood Wealth Management Group
("Harwood Wealth", "Harwood" or the "Group")
Acquisition of Fund Management Limited
Harwood Wealth Management Group (AIM: HW.), a leading UK-based
financial planning and discretionary wealth management business, is
pleased to announce the acquisition of Fund Management Limited
("FM") for GBP1.13 million. FM is an established Independent
Financial Advisory firm based near Ascot, Berkshire, jointly owned
by Ian and Diana Head. The Acquisition has been approved by the
FCA.
The Acquisition enhances the Group's already established and
growing presence in Berkshire and surrounding counties. FM will
continue to operate as a standalone brand and will benefit from the
Group's processes, technology and investment strategies. Ian Head,
director of FM, will remain as a financial adviser.
FM has Assets Under Influence of GBP34 million.
The initial cash consideration of GBP566,100 will be satisfied
through the Group's existing cash resources. The deferred
consideration of GBP566,100 will be payable in two tranches over
the next 24 months, subject to performance criteria of FM being
achieved.
Peter Mann, Non-executive Chairman of Harwood Wealth Management
Group, said:
"It is pleasing to be able to announce another meaningful
acquisition by the Group so soon after we announced the acquisition
of the assets from Plan 65 Limited. As we reported at the time of
our final results earlier in the year, we are making strong
progress both organically and through our long-established strategy
of making good quality acquisitions and, if anything, the current
market dynamics are only likely to improve in this respect.
We are delighted to be welcoming FM, and in particular, Ian and
Diana and FM's valued client base, to the Group as we further
bolster our presence in the South East. I am confident that they
will all experience the benefit of our best in class processes,
technology and investment strategies in the very near future."
For further information please contact:
Harwood Wealth Management Group plc
Alan Durrant, Chief Executive Officer +44 (0)23 9355 2004
N+1 Singer Advisory LLP
Alex Price (Corporate Finance)
Michael Taylor (Corporate Broking) +44 (0)20 7496 3000
Alma PR
Josh Royston / Rebecca Sanders-Hewett
/ Susie Hudson +44 (0)20 8004 4218
This information is provided by RNS
The company news service from the London Stock Exchange
END
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