Acquisition
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Grupo Frenkel Topping plc
("Frenkel Topping" or the "Company")
Acquisition of North West Law Services Limited
Continuing the roll-up strategy with a strategic bolt on acquisition of North West based cost consultant
Frenkel Topping (AIM: FEN), a specialist professional and financial services firm operating in the Personal Injury (PI) and Clinical Negligence (CN) space, is pleased to announce the acquisition of North West Law Services Limited ("NWL") (the "Acquisition") by way of acquisition of the current parent company NWL (Group) Limited.
The Acquisition is in line with the Board's strategy of expanding the Group's activities within the PI and CN market place and NWL is a leading firm of cost consultants based in the North West with over 40 years' experience in the field that will add to the Company's expertise in the area and work closely with the teams at Partners in Costs Limited (PIC), Bidwell Henderson Costs Consultants Limited (BH) and A&M Bacon Limited (A&M Bacon). The Acquisition complements the Group's full service offering within costs and gives broad national coverage and an ability to seamlessly offer its services to its clients.
About North West Law Services Limited
Founded in 1982 and based in Chester, NWL offers a comprehensive service, from settlement of claim to payment of costs, including all aspects of negotiation, budgeting and detailed assessment. It has 13 fee earners including qualified Costs Lawyers, Solicitors and CILEX and represents clients nation-wide.
The sellers, Lee Evans and Phil Roberts, intend to step back from the company over time and, following a managed handover, NWL will become part of the Group's Costs operating segment led by Rebecca Bidwell, Director of Strategy and Implementation.
NWL specialises in PI, CN, Court of Protection and Commercial Costs, perfectly complementing the range of services offered by the Group's existing costs companies, whilst giving access to a new bank of clients and experienced fee earners.
Consideration & financials
Frenkel Topping has agreed to pay a total cash consideration of £2.75m split as follows:
• An initial cash consideration of £1.65m (subject to adjustment)
• A further cash payment of £550K on the first anniversary of completion
• A final payment of £550K on the second anniversary of completion.
The Acquisition has been funded utilising part of the recently announced £7.5m revolving credit facility (RCF) with Santander.
For the year to August 2023, NWL recorded revenue of £1.6 million and PBT of £465K and had net assets of £1.0 million as at that date.
The Board expects the Acquisition to contribute positively in the first full year of ownership but is also mindful of certain integration costs expected to be incurred and so is prudently leaving its management expectations unchanged as a result.
Richard Fraser, director ejecutivo de Frenkel Topping Group plc, dijo:
"I am delighted to welcome NWL into the Group. Over the years Lee, Phil and their team have built a leading legal costs consultancy business that was well known to the Group prior to discussions commencing. The acquisition fits perfectly into our strategy of acquiring high-quality, customer-focused businesses in the personal injury and clinical negligence market and builds on the successful acquisition and integration of our other costs businesses - Partners in Costs, A&M Bacon and Bidwell Henderson."
Para mayor información:
Grupo Frenkel Topping plc | www.frenkeltoppinggroup.co.uk |
Richard Fraser, director ejecutivo | Tel: 0161 886 8000 |
Cavendish Capital Markets Ltd (asesor designado y Broker) | Tel: 020 7220 0500 |
Carl Holmes/Abigail Kelly/Fergus Sullivan (Finanzas corporativas) Tim Redfern (ECM) |
Acerca de Frenkel Topping Group
El grupo de empresas Frenkel Topping se especializa en brindar asesoramiento financiero y servicios de protección de activos a clientes en momentos de vulnerabilidad financiera, con especial experiencia en el campo de lesiones personales (PI) y negligencia clínica (CN).
Durante más de 30 años, el Grupo ha trabajado con profesionales del derecho y con los propios clientes lesionados para brindar servicios previos, durante y posteriores al acuerdo para ayudar a lograr los mejores resultados a largo plazo para los clientes después de una lesión. Cuenta con una tasa de retención de clientes del 99%.
Frenkel Topping Group se enfoca en consolidar el espacio fragmentado de PI y CN para brindar el conjunto de servicios más completo a los clientes y ofrecer la mejor oferta de servicios de su clase inmediatamente después de una lesión o enfermedad y por el resto de sus vidas.
Los servicios del grupo incluyen el servicio Major Trauma Signposting Partnership dentro de los Major Trauma Centres del NHS, testigo experto, costos, contabilidad fiscal y forense, asesoramiento financiero independiente, gestión de inversiones y atención y gestión de casos.
El administrador de fondos discrecionales del Grupo, Ascencia, administra carteras financieras para clientes en circunstancias únicas, a menudo quienes han recibido un acuerdo financiero después de un litigio. En los últimos años, Ascencia ha diversificado sus carteras para incluir una cartera que cumple con la ley Sharia y una serie de carteras ESG en respuesta al mayor interés en la inversión socialmente responsable (SRI).
Frenkel Topping se ha ganado una reputación de astucia comercial respaldada por una fuerte obligación moral con sus clientes, empleados y la sociedad en general, con un enfoque continuo en su impacto ambiental, social y de gobierno (ESG).
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