FRP Advisory Group PLC on Friday announced the acquisition of Lexington Corporate Finance Ltd.

The London-based business advisory firm purchased Lexington for a £3 million consideration alongside a £500,000 payment for assets acquired on completion.

FRP split the consideration between approximately £2.2 million in cash and the issue of 996,168 shares valued a £1.3 million, which are scheduled for admission to AIM on July 24.

From its headquarters in Cardiff, Lexington provides corporate finance services to UK and global clients.

In the year that ended April 30, Lexington generated £2.3 million in revenue and produced earnings before interest, taxes, depreciation, and amortisation totalling £600,000.

On an annual basis, Lexington is expected to contribute revenue of £2.7 million to FRP, and an adjusted Ebitda of around £700,000.

FRP Chief Executive Officer Geoff Rowley said: ‘Wales was a target region for FRP and this acquisition further strengthens our National Corporate Finance business. The team will go to market locally as FRP Corporate Finance.’

Lexington’s founder Gary Partridge will join FRP as a partner, bringing a team of 14 colleagues to the company.

This latest acquisition is FRP’s 10th since going public in March 2020 and follows the purchase of Hilton-Baird Group in May.

FRP Advisory shares were down 1.5% at 130.50 pence each in London on Friday afternoon.

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