Wed, 13 Sep 2023 | BUSINESS SALE
The Wilson Field Group, a Sheffield-based insolvency specialist, has been acquired by FRP Advisory Group in a deal valued at £4.8 million. The Wilson Field Group provides restructuring and debt advisory services to clients both in the local area and nationwide.
The company comprises two operating businesses: Wilson Field Ltd and Wilson Field Financial Services Ltd. The firm’s website and operational platform will be retained by FRP within the group upon the deal's completion.
The acquisition will see FRP Advisory pay a £3.1 million cash consideration, along with issuing new ordinary shares to the value of £1.7 million. There will also be a subsequent payment for the company’s net assets acquired on completion.
The disclosed value of the deal represents around a 6.8x multiple of Wilson Field’s unaudited reported EBITDA of £700,000 for the year to August 31 2022, generated on unaudited revenues of £5.3 million. The company will make an incremental contribution to FRP of £5.6 million in revenue and £1.1 million adjusted EBITDA.
FRP Advisory Chief Executive Geoff Rowley said: "Wilson Field is a great business that supports our growth strategy, with a highly complementary digital platform and on-the-ground presence in South Yorkshire. We expect to deepen referral relationships in Sheffield, with the team going to market locally as FRP.”
Wilson Field founder Nick Wilson said: “The move will create opportunities and enable us to extend the range of services we can offer to our clients. We are culturally aligned and look forward to accelerating our growth as part of the FRP Advisory Group."
The deal comes amid a booming period of activity for insolvency and restructuring practitioners, with their services in high demand as UK companies struggle with high levels of bad debt, inflation, rising costs and low consumer confidence. This has seen some insolvency practitioners turning to M&A activity in order to increase their reach and capitalise on rising demand.
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