FOR IMMEDIATE
RELEASE
22 January 2025
Manx Financial Group
PLC
("Group")
Acquisition of CAM Wealth
Group Holdings Limited and CAM Wealth Group
Limited
Manx Financial Group
PLC (AIM:MFX), the holding company providing a range of diversified
financial services to the Isle of Man and the United Kingdom,
announces it has acquired the UK FCA licenced Wealth Management
business, CAM Wealth Group Holdings Limited and its subsidiary CAM
Wealth Group Ltd, (together "Cam Wealth"), trading as CAM Wealth
(website at CAM Wealth).
This purchase links
to the Group's growth strategy outlined in the December 2023
Chairman's Statement stating that we will look at accretive
acquisitions to continue developing a robust and diversified
financial services group to support the ongoing objective of
continuously enhancing shareholder value.
Albeit currently
small, this business with its accompanying UK FCA licences, will
provide an excellent platform from which we can build upon to
provide general insurance products, together with full financial
planning and investment services, to both retail and SME customers
based in the UK. This will include the 100,000 plus customers of
Payment Assist Limited. In addition, Cam Wealth will provide
synergies in conjunction with the Group owned Isle of Man IFA,
Edgewater Associates Limited.
Douglas Grant, the
Group's CEO said:
"The acquisition of CAM Wealth is a
significant building block for Manx Financial Group. By integrating
CAM Wealth's expertise into our operations, we unlock opportunities
to provide our UK customers with a comprehensive suite of financial
planning, investment services, and insurance solutions. This
acquisition aligns perfectly with our objective of enhancing
shareholder value while exploring new avenues for growth within the
UK's financial landscape."
Lizz Ewart, Director
of CAM Wealth Group Holdings Limited said:
"I, and my fellow
Director, Derek Gawne, are absolutely delighted to become part of
the MFG Group of companies and look forward to the enhanced growth
prospects afforded with this new relationship. We believe
this is a real opportunity for us to assist MFG and their customers
by providing a broader range of services and skills. We look
forward to a mutually successful future".
The consideration
for the acquisition is £210,000 with a three year earnout, capped
and paid for with funds from the Group's own
resources.
THIS ANNOUNCEMENT
CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE
REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN
POSSESSION OF INSIDE INFORMATION.
For further
information, please contact:
Manx Financial Group PLC
Denham Eke
Executive Vice Chair
Tel: +44 (0) 1624 694694
|
Beaumont Cornish Limited
Roland Cornish/James Biddle
Tel: +44 (0) 20 7628 3396
|
Greentarget Limited
Jamie Brownlee
Tel: +44 (0) 20 3307 5726
|
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.