Acquisitive group swoops for insolvency practice in £4.8m deal
National specialist business advisory firm, FRP Advisory Group, has acquired Sheffield-based Wilson Field Group for £4.8m.
This comprises cash of £3.1m and the issue of new ordinary shares with a value of £1.7m, plus a subsequent payment for the net assets acquired on completion.
Wilson Field Group comprises the operating businesses of Wilson Field Ltd and Wilson Field Financial Services Ltd, providing restructuring advisory and debt advisory services.
The business provides services to clients both locally and nationwide, supported by the Wilson Field website and operational platform, which FRP intends to retain within the group.
Two of the firm’s directors, Nick Wilson and Kelly Burton will join FRP as partners. The rest of the Wilson Field team will also join FRP, including 61 colleagues.
For the year to 31 August 2022, Wilson Field’s consolidated unaudited revenues were £5.3m and unaudited reported EBITDA was £0.7m.
On an annual basis going forward it is expected Wilson Field’s underlying incremental contribution to FRP will be revenue of £5.6m and adjusted EBITDA of £1.1m.
FRP explains the deal is part of its strategy to increase market share, broaden its service offering to clients and expand its geographical footprint. The latest acquisition is its seventh since IPO in March 2020.
Geoff Rowley, CEO of FRP Advisory, said: “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.
“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.”
Nick Wilson, founder of Wilson Field, added: “We’re excited to be joining FRP. The move will create opportunities and enable us to extend the range of services we can offer to our clients.
“We are culturally aligned and look forward to accelerating our growth as part of the FRP Advisory Group.”
