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16 Sep, 2020 12:48

FRP Advisory buys JDC Group in £5.3m deal

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Professional services company FRP Advisory Group announced the acquisition of the JDC Group on Wednesday.

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.

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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.