Professional services firm FRP Advisory confirmed this morning it had acquired GWC, an Isle of Man based business advisory firm.
The deal, FRP Advisory’s eighth acquisition since its London IPO in March 2020, will see Gordon Wilson join as an FRP partner while the remaining eight members of staff will also move across.
The takeover will allow FRP to broaden its service offering and expand its geographical footprint, it said.
444,445 new ordinary shares will be issued as part of the transaction, which will become effective on 13 March. FRP shares closed at 112.95p at the end of last week.
“Having worked with the team at GWC for several years, we know they share our values and are experts in their field, focusing on providing the highest quality service to their clients,” Geoff Rowley, chief executive of FRP said.
“I have no doubt they will make a positive contribution to the business as they continue to grow in the Isle of Man,” he continued.
Gordon Wilson said he was looking forward to making GWC the “leading restructuring firm on the Island“.
“This will enable us to continue to provide our existing and new clients with an industry-leading level of service, as well as access to FRP’s wider offering,” he said.
“The investment in our firm from FRP is a strong endorsement of the Isle of Man market and will create employment opportunities for exceptional talent across the island and beyond,” he added.
FRP Advisory posted strong results for the first half of the financial year, with revenue up 19 per cent thanks to an uptick in restructuring activity. The acquisition will not change market expectations for the financial year.