FRP Advisory acquires Isle of Man-based business

Advisory firm FRP Advisory Group has acquired GWC, based in Douglas, which provides advisory and insolvency services across the Isle of Man.

FRP said on Monday that Gordon Wilson, the firm's owner, will join the company as a partner, while the rest of the GWC team, comprising eight colleagues, will also join FRP.

The AIM-listed group highlighted that the acquisition was its eighth since its IPO in March 2020.

FRP will issue 444,445 new ordinary shares as part of the transaction. Following Admission, the company will have 251.37m ordinary shares in issue.

Chief executive Geoff Rowley said: "We're delighted to welcome Gordon, Kathleen, and the team to FRP, further strengthening our offshore and international presence. This follows the acquisition of APP in Cyprus in 2022 and supports our work with global advisory organisation Eight International, enabling us to better support our clients on international matters.

"Having worked with the team at GWC for several years, we know they share our values and are experts in their field, focusing on providing the highest quality service to their clients. I have no doubt they will make a positive contribution to the business as they continue to grow in the Isle of Man."

As of 1450 GMT, FRP shares were up 1.58% at 113.52p.

Reporting by Iain Gilbert at Sharecast.com