Spearpoint’s new owner could pay £30m. for the business
Tuesday 20th November 2012, 11:00AM GMT.
Spearpoint is a major sponsor of sport in Guernsey and has backed the opening of the high performance centre in the Garenne Stand, where strength and conditioning coach Dennis Mulkerrin keeps an eye on cricketer Matt Stokes. (Picture by Tom Tardif, 1275350)
SPEARPOINT, the Channel Islands-based independent investment boutique, has been sold for what could ultimately be more than £30m.
The new owner is Aim-listed wealth manager Brooks Macdonald Group, which will pay £23.1m. in a mix of cash and shares, followed by a deferred payment of £4m. due in November 2014, which could rise to approximately £9m. if Spearpoint’s growth projections are met.
Spearpoint, which was founded in the islands in 2007, reported pre-tax profits of £3.91m. on revenues of £11.42m. for 2011.
‘Everyone at Spearpoint is very excited about the opportunities that becoming part of Brooks Macdonald present,’ said John Davey, chief executive of Spearpoint.
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