Numerica consolidates with £4.2m deal

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 ‘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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