Forensic accountants acquired in multi-million pound deal
Leeds-based accountancy firm, Forth Associates, has been acquired by listed independent financial adviser and wealth manager, Frenkel Topping Group.
Frenkel Topping has confirmed completion of the acquisition of 99.99% of the shares in Forth Associates from Richard Forth and Anthony Flint for a total consideration of up to £3m.
The holder of the remaining 0.01% of the shares in the owner managed forensic accountancy firm is untraceable and has not sold their shares to the company.
The acquisition deal will create the largest independent provider of financial expert witness reports to the claimant marketplace.
On a 12 month run-rate basis Forths generated £350,000 EBITDA. For the year ended 31 January 2020 Forths had unaudited revenues of £2,159,871 and pretax profits of £173,000.
As at 31 January 2020 the business, which is based in Canal Road, Armley, had unaudited net assets of £980,410.