FRP Advisory Group plc

("FRP", the "Group" or the "Company")

Chair succession

FRP Advisory Group plc, a leading national specialist business advisory firm, today announces that Nigel Guy will retire from his role as Non-executive Chairman of FRP on 2 January 2024, after 13 years in the role.

Nigel's retirement is in accordance with the succession plan developed by the Board and this has allowed for the appointment of a new Chair to lead the Board as the Company continues to execute its growth strategy. This plan enabled the Board to conduct a thorough recruitment process with support from an external search firm, and the Company is pleased to announce the appointment of Penny Judd as Non-executive Chair of FRP, with effect from 2 January 2024.

Nigel joined FRP Advisory LLP as Chairman shortly after the management buyout completed in 2010 and became Chair of FRP Advisory Group plc following the IPO in March 2020.

Nigel Guy, Retiring Chairman of FRP Advisory Group plc, said:

"I am hugely proud of what we have achieved at FRP over the last 13 years and appreciate the support and counsel of many of our colleagues over that time. The Group has grown to become a market leading advisory firm and has a strong base to continue its development which I will follow with interest."

FRP's incoming Chair Penny Judd has over 35 years' experience in Compliance, Regulation, Corporate Finance and Audit. Penny is currently a non-executive director of a number of AIM quoted companies.

Penny Judd, Chair Designate of FRP Advisory Group plc, said:

"FRP is a fantastic business, with a proven growth strategy built on the strength of its reputation, management and people. I am honoured to be taking over as Chair and look forward to working with the Board and other FRP colleagues to build on the company's success."

Penny is currently a Non-Executive Director of LendInvest plc (Chair of Audit Committee), Alpha Financial Markets Consulting plc (Chair of Remuneration Committee and SID), TruFin plc, (Chair of Audit Committee and SID) and Team17 Group plc (Chair of Audit Committee). Between 2016 and 2021 Penny was Non-Executive Chairman at Plus500 Ltd, a FTSE 250 retail CFD provider, managing the company through a period of extreme regulatory change and a move from AIM to a premium listing on the Main Market.

Penny was, until June 2016, a Managing Director and EMEA Head of Compliance at Nomura International plc, a position she held for three years. Prior to this, Penny worked at UBS Investment Bank for nine years and held the position of Managing Director, EMEA Head of Compliance. Penny also acted as Head of Equity Markets at the London Stock Exchange, worked in Corporate Finance at Cazenove and is a qualified Chartered Accountant.

Geoff Rowley, Chief Executive Officer of FRP Advisory Group plc, said:

"Since Nigel became Chairman in 2010, FRP has grown from a small partnership into one of the UK's largest national independent advisory firms with 650 colleagues, 28 offices and revenue of over £100 million. On behalf of the Board and everyone at FRP, I would like to thank Nigel for his contribution over the years and we wish him a long and healthy retirement.

Following a thorough recruitment process we look forward to welcoming Penny to Chair our Board. Penny has extensive public company Board experience and a deep knowledge of the capital markets that will be invaluable to FRP as we continue to grow."

Pursuant to Schedule 2 (g) of the AIM Rules for Companies, Penelope Ruth ('Penny') Judd (aged 60) has held the following directorships or partnerships in the past five years:

Penny Judd does not hold any ordinary shares in the Company.

There is no further information required to be disclosed in respect of the above appointment pursuant to Rule 17 and Schedule 2 (g) of the AIM Rules for Companies.

Enquiries:

FRP Advisory Group plc  

Geoff Rowley, CEO

Jeremy French, COO

Gavin Jones, CFO

Enquiries via MHP

Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)

Katy Birkin/Stephen Keys/George Lawson (Corporate Finance)

Tel: +44 (0) 207 220 0500

Investec Bank plc (Joint Broker)

Carlton Nelson / James Rudd (Corporate Broking)

Tel: +44 (0) 207 597 4000

MHP (Financial Public Relations)

Oliver Hughes

Charlie Barker

Catherine Chapman

Tel: +44 (0) 783 462 3818

FRP@mhpgroup.com 

Notes to Editors

FRP is a leading national specialist business advisory firm established in 2010. It offers a range of advisory services to companies, lenders, investors and other stakeholders, as well as individuals. These services include: 

·           Restructuring advisory: corporate financial advisory, formal insolvency appointments, informal restructuring advisory, personal insolvency and general advice to all stakeholders. 

·           Corporate finance: mergers & acquisitions (M&A), strategic advisory and valuations, financial due diligence, capital raising, special situations M&A and partial exits. 

·           Debt advisory: raising and refinancing debt, debt amendments and extensions, restructuring debt, asset based lending and corporate and leveraged debt advisory. 

·           Forensic services: forensic investigations, compliance and risk advisory, dispute services and forensic technology. 

·           Financial advisory: transaction services including financial due diligence, lender services, financial modelling, valuations, pensions and company-side advisory services.