LONDON – PhillipCapital UK LTD has agreed to acquire wealth manager Walker Crips Group PLC WCGS.L in a recommended cash deal that values the London-listed company at approximately £5.96 million, the companies announced on Monday.
The offer of 14 pence per share represents a premium of about 86.7% to Walker Crips’ closing price of 7.5 pence on Nov. 21, the last business day before the announcement.
The board of Walker Crips, which has faced regulatory challenges and financial constraints, unanimously recommended the offer to its shareholders, stating it provides certainty and an attractive cash value.
“Under PhillipCapital’s private ownership, without the costs and regulation of a listed company, Walker Crips will be able to pursue its strategy, while benefiting from the capital and backing of the PhillipCapital Group,” said Mark Nelligan, a non-executive director of Walker Crips.
The acquisition will be implemented via a court-sanctioned scheme of arrangement and is expected to be completed in the first quarter of 2026, subject to shareholder and regulatory approval.
PhillipCapital, an indirect wholly-owned subsidiary of Singapore’s Phillip Brokerage Pte Ltd, is already a significant shareholder in Walker Crips. Through a concert party, it holds a 29.03% stake. These shares will not be voted on the scheme of arrangement but will be voted in favour of the related resolution at a general meeting.
Walker Crips cited the need for stable financial backing as a key reason for the deal. In July, the company secured a £5 million working capital facility from Phillip Brokerage. It was unlikely to be able to repay this by a January 2026 deadline, which could have forced a deeply discounted rights issue, significantly diluting existing shareholders.
“The offer from PhillipCapital represents an attractive premium… and offers shareholders the certainty of cash in the near term, whilst also mitigating the risk associated with the repayment of the Working Capital Facility,” Nelligan said.
Linus Lim, a director of PhillipCapital, said the company believes Walker Crips can “fully capitalise on the undoubted market opportunity” in UK wealth management with the support of its new parent.
Singer Capital Markets is acting as financial adviser to the independent Walker Crips directors.