- FRP Advisory Group
- 16 September 2020 12:48:05
Source: Sharecast
The AIM-traded firm said consideration would comprise cash, founder deferred consideration and the issue of new shares for a total of £5.3m, as well as a further payment contingent on the net assets of the JDC Group at completion.
It said JDC Group is based in the Eastern region of the UK, and comprises the operating businesses of JDC Corporate Finance and Walton Dodge Forensic.
The JDC Group was established in 2004, with FRP describing it as a “leading specialist” corporate finance and forensic services firm in the East of England.
It is headquartered in Norwich, with offices in Chelmsford and London.
The firm's four directors, being Jon Dodge, Dave Howes, Chris Adlam and Fiona Hotston Moore, would join FRP as partners along with all staff, including 10 further fee earners.
For the year ended 31 March, JDC Group reported unaudited revenues of £3.1m and unaudited adjusted EBITDA of £1.2m.
“This deal gives us an immediate presence in the Eastern region and bolsters our corporate finance and forensic services offering,” said chief executive officer Geoff Rowley.
“The team have earned themselves a great reputation and we are excited about the contributions they will make to FRP.”
At 1235 BST, shares in FRP Advisory Group were up 3.35% at 123.5p.
