Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Harwood taps investors for £10m to extend buying spree

1 Comment
Harwood taps investors for £10m to extend buying spree

AIM-listed Harwood Wealth Management is to raise £10 million in new equity capital as it concentrates on extending a run of consolidation that saw it complete 17 purchases last year.

The company has priced the issue at 150p, a 14% discount to the recent secondary market valuation. Dependent on demand, the executive team may also place £2 million in their own equity.

Harwood joined the junior exchange last year, raising £13 million, following its 2015 acquisition of Tunbridge Wells private client manager Wellian, among five other purchases in the period.

The group’s hectic shopping spree last year saw it spend £11.6 million on a string of buys, lifting internal assets 75% to just over £2 billion. Client assets under management more than doubled from £276 million to £693 million.

‘The group has signed heads of terms in respect of a further six acquisitions, at an aggregate estimated consideration of approximately £3.1 million which, if completed, would add an estimated £156 million of AUA [assets under advice],’ the business said in a statement.

‘In addition, the current acquisition pipeline, where proposals or draft heads of terms have been issued to vendors, includes a further nine proposed acquisitions, which would, if successfully completed, add an additional estimated £960 million of AUA at an estimated aggregate consideration of £14.95 million.’

Harwood Wealth was founded in 2001 by Neil Dunkley and Mark Howard as Compass Wealth Management. The group is now led by Wealth Manager cover star Alan Durrant (pictured) and Dunkley, who are joint chief executives.

The company is to hold a general meeting on 18 April with the shares conditionally planned to be placed the following day.  

The company has appointed Wellian as discretionary manager to its subsidiary advisers

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter