Pole Arnold, which includes a business advisory division, Pole Arnold Ltd, an IFA arm and a pensioner trustees department, will become the East Midlands cornerstone of the group – while the audit practice is being transferred to independent audit practice, AV Audit.
The deal will be made up by issuing £2.2m in Numerica new ordinary shares at 118.5p per share, with the balance in cash and loan notes.
Numerica finance director, Peter Jenkins, told AccountancyAge.com: ‘We were in talks with Pole Arnold for several months. The firm fits into our strategy of buying businesses in the region of £3m, which have the capability of growing to £10m and is recognised as the top independent firm in the East Midlands.’
He added: ‘We are only interested in acquiring the right businesses for the right price even if it takes a bit longer to achieve.’
Numerica has already acquired the non-audit business of Levy Gee, Jayson Newman and NMGW, while talks with a number of other firms are continuing. The turnover of six-partner firm Pole Arnold and Pole Arnold Ltd in the year to 30 September 2001 was £4.4m.
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