LONDON: Manx Financial Group (AIM:MFX), the holding company providing a range of diversified financial services to the Isle of Man and the United Kingdom, has acquired the UK FCA licenced Wealth Management business, CAM Wealth Group Holdings Limited and its subsidiary CAM Wealth Group Ltd, trading as CAM Wealth.
This purchase links to the Group’s growth strategy outlined in the December 2023 Chairman’s Statement stating that we will look at accretive acquisitions to continue developing a robust and diversified financial services group to support the ongoing objective of continuously enhancing shareholder value.
Albeit currently small, this business with its accompanying UK FCA licences, will provide an excellent platform from which we can build upon to provide general insurance products, together with full financial planning and investment services, to both retail and SME customers based in the UK. This will include the 100,000 plus customers of Payment Assist Limited. In addition, Cam Wealth will provide synergies in conjunction with the Group owned Isle of Man IFA, Edgewater Associates Limited.
Douglas Grant, the Group’s CEO said: “The acquisition of CAM Wealth is a significant building block for Manx Financial Group. By integrating CAM Wealth’s expertise into our operations, we unlock opportunities to provide our UK customers with a comprehensive suite of financial planning, investment services, and insurance solutions. This acquisition aligns perfectly with our objective of enhancing shareholder value while exploring new avenues for growth within the UK’s financial landscape.”
Lizz Ewart, Director of CAM Wealth Group Holdings Limited said: “I, and my fellow Director, Derek Gawne, are absolutely delighted to become part of the MFG Group of companies and look forward to the enhanced growth prospects afforded with this new relationship. We believe this is a real opportunity for us to assist MFG and their customers by providing a broader range of services and skills. We look forward to a mutually successful future”.
The consideration for the acquisition is £210,000 with a three year earnout, capped and paid for with funds from the Group’s own resources.
Manx Financial Group has acquired remaining 49.9% interest in Payment Assist Limited