海角视频 business advisory firm FRP has acquired a London-headquartered financial services company for £6.7m.
Arc & Co provides FCA-regulated financial advice to 海角视频 and international clients in the real estate sector.
FRP, which has offices across the 海角视频 including in Bristol, Cardiff, Birmingham, Leeds, Newcastle and Manchester, said the deal would "broaden" its existing real estate capabilities.
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Arc & Co’s co-founders - Andrew Robinson and Edward Horn-Smith - have joined FRP as partners, while all 18 staff members have also transferred over.
FRP says it is intending to launch a sixth service pillar - FRP Real Estate Advisory - following the deal, to help boards, lenders and advisors "create, preserve and realise value and, where necessary, manage risk".
Geoff Rowley, chief executive of FRP, said: "In launching FRP Real Estate Advisory as a service pillar we bring these specialists together in order to better serve clients with their real estate requirements.
"We consider this acquisition will allow FRP to deepen relationships across the real estate sector, with increased opportunities for revenue generation across the group.
“Andrew, Ed and the team have built a great reputation and we’re pleased to welcome them to FRP. They share our values and will make a strong contribution as we continue to grow.”
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It is understood that FRP's total upfront consideration is split between cash of around £4.85m and the issue of new ordinary shares with a value of approximately £1.8m.
The acquisition is FRP’s fifteenth since its IPO in March 2020, and follows a deal for One Advisory Group in May this year.
Mr Robinson, co-founder of Arc & Co, said he was "delighted" to be joining FRP and "excited at the opportunities" that being part of the company represented.
"We are all immensely proud of what we have achieved as a team at Arc & Co and being part of FRP will be a strong platform to enable us to offer a broader range of services to our clients and strengthen our reach across the 海角视频 through its nationwide office network," he said.
“We are confident that by building upon our shared values of quality and professionalism with FRP we will accelerate our growth.”
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