Business
Acquisition of Client Book
Acquisition of Client Book.
About this update from Fiske Plc
[{"type":"text","content":"\n \n \n 3 April 2023\n \n \n \n \n \n \n \n \n Fiske Plc\n ('Fiske' or 'the Company')\n \n \n Acquisition of Client Book\n \n \n 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.\n \n \n 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.\n \n \n 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.\n \n \n It is expected that the transaction will have a neutral impact on the performance of the Company.\n \n \n For further information please contact:\n \n \n \n \n \n • Samantha Harrison/Harrison Clarke/Samuel Littler, Grant Thornton UK LLP (Nominated Adviser)\n \n \n (tel: 020 7383 5100)\n \n \n \n \n \n • James Harrison, Fiske Plc - CEO\n \n \n (tel: 020 7448 4700)\n \n \n \n \n \n ","length":2651,"tagName":"div"}]