Conforto acquires sports adviser from First Artist for £1.5m

Conforto Financial Management has continued its acquisiton drive by snapping up Optimal Wealth Management, the chartered financial planning arm of AIM-listed First Artist Corporation, for £1.5 million.

The acquisition was paid for in cash, with £1.3 million paid upon completion. Two further payments of £100,000 will be made in April and July.

Optimal joint managing directors Sean Scahill and Peter Kelsey are each due £100,000 from First Artist, to be satisfied in cash or shares following the successful sale of the business.

In the financial year ended August 2009 Optimal produced an operating profit of £285,300 on a turnover of £1.8 million. Its net assets at that date were £145,012.

First Artist plans to use the proceeds to reduce its debt.

Both Conforto and Optimal, which is a chartered firm, specialise in providing advice to professional sportspeople and have bases in London.

In September last year First Artist was involved in the transfers of footballers Niko Kranjcar from Portsmouth to Tottenham Hotspur and Jonathan Greening from West Bromwich Albion to Fulham.

Peter Klauber (pictured), chairman of Conforto said: ‘We are delighted to have secured Optimal, a business which shares out vision for the future of the financial services market in the UK. We are excited to be working with their excellent team and look forward to the next stage of the strategic growth plan.’

Jon Smith, chief executive of First Artist said: ‘The sale of Optimal is a significant step towards our stated goals of reshaping the group as a highly focused media business and reducing debt.

‘We also believe that its acquisition by Conforto will provide real opportunities and benefits for Optimal's clients and employees.’