LONDON (ShareCast) - (Sharecast News) - FRP Advisory Group announced the acquisition of Sheffield-based Wilson Field Group on Tuesday, in a deal worth £4.8m, with a payment structure consisting of £3.1m in cash and new shares worth £1.7m.
The AIM-traded firm said additional payment would be made for the net assets acquired on the deal's completion.

Wilson Field Group, operating under the businesses of Wilson Field and Wilson Field Financial Services, specialises in restructuring advisory and debt advisory services.

FRP said that with a considerable online presence through the Wilson Field website and a robust operational platform, they had successfully provided their services to clients both locally in Sheffield and nationally.

As part of the acquisition agreement, two of the firm's directors, Nick Wilson and Kelly Burton, would join FRP Advisory as partners.

In addition, 61 staff members from Wilson Field would be integrated into the FRP team.

For the fiscal year ended 31 August last year, Wilson Field reported unaudited consolidated revenues of £5.3m and EBITDA of £0.7m.

Projections for the coming year indicated that Wilson Field would contribute an incremental revenue of £5.6m and adjusted EBITDA of £1.1m to FRP's financials.

"Wilson Field is a great business that supports our growth strategy, with a highly complementary digital platform and on-the-ground presence in South Yorkshire," said chief executive officer Geoff Rowley.

"We expect to deepen referral relationships in Sheffield, with the team going to market locally as FRP - we are pleased to welcome Kelly, Nick and the team to the group and look forward to working together.

"They share our values and I have no doubt will make a strong contribution to FRP, as we continue to grow."

At 1023 BST, shares in FRP Advisory Group were up 1.06% at 114.7p.

Reporting by Josh White for Sharecast.com.

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