FRP Advisory acquires One Advisory in £8.1m deal

(Sharecast News) - FRP Advisory announced the acquisition of the City-based One Advisory Group on Monday, in a deal worth up to £8.1m, comprising £6.5m in cash and £1.6m in new shares. The AIM-traded firm said One Advisory provides financial reporting, transaction advisory, and governance services to more than 100 UK and international clients, most of which are London-listed.

It said the 41-strong team, including directors Matt Wood, Laura Nuttall and Michael Butler, would join FRP, with all three becoming partners.

The board said the acquisition - FRP's 14th since its 2020 initial public offering - aligned with its strategy of combining organic and acquisitive growth to expand its market share and service offering.

One Advisory delivered unaudited revenue of £4.7m and EBITDA of £1.1m for the year ended 31 March, with over half of revenue coming from retained clients.

The business was expected to contribute about £4.9m in annual revenue and £1.1m in adjusted EBITDA to FRP going forward.

"This acquisition further strengthens our national financial advisory business," said chief executive officer Geoff Rowley.

"One Advisory will continue to provide governance advisory services under their existing brand and their financial reporting and transaction advisory team will go to market as FRP.

"We are pleased to welcome Matt, Laura, Michael and the team to FRP; they share our values and I have no doubt will make a strong contribution, as we continue to grow."

At 1110 BST, shares in FRP Advisory Group were down 1.14% at 130.5p.

Reporting by Josh White for Sharecast.com.