Vantis makes 'French' acquisition
Vantis, accountancy's smallest and least know consolidator, has announced the acquisition of Essex-based insolvency firm Redhead French.
In a deal worth £7.75m the firm will be known as Vantis Redhead French and will continue to operate out of its existing premises.
At the same time as the acquisition Vantis is to place an additional 2.2 million shares on the Alternative Investment Market at a price of 115p in a bid to raise £2.23m.
Paul Jackson, Vantis chief executive, said: ‘Redhead French strengthens and broadens the scope of our business recovery operation and will be integral to our strategy to significantly expand our presence in that sector. RF has an extensive and well established professional contact base.
‘To be able to announce at the same time the strengthening of our institutional shareholder base andour balance sheet is further evidence of the consistent implementation and delvery of our group strategy, our risk management and at the same meeting expectations.’