Lighthouse Group has bought Independent Financial Adviser and self-invested personal pension (Sipp) administrator based in Manchester and Milton Keynes, Carrwood Barker Holdings.
Lighthouse is simultaneously raising approximately £3m in new ordinary shares from institutional and other investors. The terms of the sale will see Lighthouse acquire the entire issued share capital of Carrwood Barker for an initial consideration of approximately £3.3m, payable in new Lighthouse shares. Deferred consideration of up to £1.2m is being paid in two tranches in the event that turnover of Carrwood Barker is not less than £9.5m during 2006, and £5.5 million in the six months to 30 June 2007. John Stevenson, the principal founder of Carrwood Barker, will join the Board of Light...
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