RNS Number : 0196V
Fiske PLC
03 April 2023
 

3 April 2023

 

 

Fiske Plc
 ('Fiske' or 'the Company')

Acquisition of Client Book

The Company today announces the acquisition of a book of existing client relationships ('Client Book') from Brian Thomlinson ('Brian'), a long-standing, self-employed Investment Manager of the Company (the 'Acquisition').  The assets under management ("AUM") in the Client Book are approximately £47m and the gross revenue generated from the Client Book in the last twelve months was £320,000.

The AUM and revenues of the Client Book are already included in the reported financials of the Company under the existing arrangements with Brian and consequently the Acquisition represents a change in the ownership of the Client Book and the previous revenue sharing arrangements.  Brian will become an employee of the Company following the Acquisition.

The initial cash consideration is £160,000, which is payable immediately, and there will be a maximum deferred consideration of £160,000 which will be payable in three annual instalments, subject to certain performance conditions.

It is expected that the transaction will have a neutral impact on the performance of the Company.

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