Expansion of core business

RNS Number : 7311E

Walker Crips Group plc

06 June 2012

 



Walker Crips Group plc

("Walker Crips" or the "Company")

Expansion of core business

The Board of Walker Crips is delighted to announce that the Company and Ashcourt Rowan plc ("Ashcourt Rowan") have entered into an agreement (the "Agreement") to facilitate the recruitment of six Investment Managers from Ashcourt Rowan's Savoy Investment Management subsidiary to the Company's wholly owned subsidiary, Walker Crips Stockbrokers Limited ("WCSL"). 

Pursuant to the Agreement, Ashcourt Rowan has waived and released the Investment Managers from their notice periods and restrictive covenants and has undertaken to assist in the efficient and swift transfer of their clients to WCSL.  In return, Walker Crips has agreed to pay Ashcourt Rowan a release fee of £425,000 and has agreed to reimburse its reasonable third party costs up to a maximum of £120,000.

Rodney Fitzgerald, Chief Executive of Walker Crips, commented:

"We welcome this group of like-minded Investment Managers to the team at Walker Crips and look forward to welcoming their clients into our organisation without a disruption to their service.  

Walker Crips is an established firm with a unique and compelling offering. This investment accelerates the expansion of our core business as part of the Board's progressive growth strategy."

 For further information please contact:

Rodney Fitzgerald	Chief Executive	Tel: [phone]
Geri Jacks	Media Enquiries

 

END

 

 

MSCLLFLTRIIEIIF