Cavanagh buys corporate adviser JRG for £5.3m
Cavanagh buys corporate adviser JRG for £5.3mPaul Mcmillan - 28-Nov-2007 Cavanagh has bought corporate adviser JRG Financial Consultancy for a cash and share sum of £5.3m. The deal comprises of £4.25m in cash plus new shares bringing the total price up to £5.3m. JRG Financial Consultancy employs 36 people working from offices in Edinburgh, Jedburgh and Reigate. The company has been run by Gordon Sutherland since 1988 and following the acquisition he will be appointed a director of Cavanagh Financial Management. Other senior JRG management are also staying with the firm. For the twelve months ended December 31, 2006, JRG achieved revenues of £4.3m and profit before tax of £275,000 after directors bonuses, and at completion, the company had cash balances of £900,000 as at October 31, 2007. Cavanagh chief executive Andrew Fay says: “Our corporate proposition has been developing and contributing well to the growth of the Group and the acquisition of a quality corporate IFA such as JRG significantly enhances our proposition and positions us as one of the leading financial advisers in the corporate market. We welcome the JRG team to Cavanagh and look forward to them playing a key and exciting role in our future growth.”
2007-11-29
