The placing of up to 3,650,000 shares, at 90p each, is set to raise up to £3,28m. After expenses, the remaining £2.65m will provide the working capital to grow the business through acquisitions and recruitment.
Vantis has been created by combining the non-audit practices of four separate accountancy practices, the Morgan, Brown & Spofforth group, Morton Thornton, the Walkers Group and the Bradney group.
Mid-tier firm Morgan, Brown & Spofforth is understood to be the leading presence behind the revamped consolidator, which plans to target the small end of the market. The company will not offer an audit service.
It is planning to expand through the acquisition, recruitment and integration of other small and medium-sized accountancy firms.
Paul Jackson, chief executive, said: ‘I believe that the combination of our four established accountancy practices, together with an experienced management team, gives us a strong platform from which to develop our business.
‘I’m confident that we can exploit the demand for value added professional services from businesses and take advantage of selective opportunities for recruitment and acquisition.’
No one was available for comment at Morgan, Brown & Spofforth.
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