Frenkel Topping ditches plans for sell off
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Salford Quays-based independent financial adviser and asset protection specialist Frenkel Topping Group, which announced two months ago it was open to offers from potential buyers, has today said that none of the current suitors have reflected its “organic growth potential”.
As a result, the board said it was recommitting itself to maintaining a progressive dividend policy and accelerating its year-on-year growth in assets under management (AUM).
Meanwhile, discretionary fund management mandates increased to £290m, and overall assets under management to £770m.
A statement said: “The board has decided that it is in the best interest of shareholders, employees and clients to continue as an independent company, pursuing its existing business plan, the prospects for which it believes have been enhanced by proposed amendments to the Ogden Discount Rate, which will materially alter the landscape of the industry.”
The group proposes to announce its half year results in early July in which the board expects to report profit from operations of £1.2m (H1 2016: £0.3m, FY2016 £1.4m) on revenues of £3.7m (H1 2016: £2.8m).