Manx Financial Group PLC has continued to add to its portfolio with its latest successful acquisition.
MFG has acquired the UK FCA licensed Wealth Management business, CAM Wealth Group Holdings Limited.
This purchase links to the Group’s growth strategy outlined in the December 2023 Chairman’s Statement.
It stated that it 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.
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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.”
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.
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