If you were trying to ring FRP over the weekend you probably couldn't have got them to pick up. We now realise they were busy buying Spectrum Corporate Finance who unashamedly sub-publicise as 'the largest independent corporate finance boutique' in the south of our wonderful country.
Simon Davies, who was co-founder of Spectrum says: "We are delighted to have found in FRP a partnership that shares our values of professionalism, quality, entrepreneurial spirit and achieving the best possible outcome for clients." He did look very pleased when he said it, and we are told that has absolutely nothing to do with his share of the £9.4 million purchase price burning a hole in his pocket ... and that's just the reported amount.
It doesn't take a microscope to find the synergy between the two businesses. Spectrum's advisers support clients with acquisition finance, capital raising and refinancing projects, counselling on £440 million of debt raised for business owners, investors and management teams looking to complete a transaction or to support future growth. FRP have products and services that wrap around all of those like a nice, snuggly blanket, as well as national and global coverage.
Geoff Rowley (CEO of FRP) stood before journos in a very becoming Edinburgh Woollen Mill sweater which we are assured he paid full price for (£8.99), and said: "The two businesses have a strong cultural alignment and this deal not only strengthens FRP’s position in the UK mid-cap transactional advisory market, it enables our combined teams to continue supporting clients post COVID-19 as we help to address both their strategic ambitions and provide support as challenges arise."
Who, whoa, whoa, this is starting to sound like a paid advertorial and not at all like us in the NTI newsroom, who cannot find a mal mot or sticky retort about the deal. It looks like good business.
Come on FRP, give us an exclusive and we will say more nice things. What is happening at Peacock's? Is Philip Day unbearable? Who are you going to buy next?