London Stock Exchange today welcomed Harwood Wealth Management Group plc to AIM
AIM, London Stock Exchange’s market for growing companies today welcomed Harwood Wealth Management Group plc as dealings commenced in its Ordinary Shares under the symbol “HW.”. Harwood Wealth is a leading UK-based vertically integrated financial planning and discretionary wealth management group focused on the provision of investment advice, management and administration to its clients.
Neil Dunkley, Founder and Joint Chief Executive Officer of Harwood Wealth, commented: "The Board is delighted to have successfully completed the IPO and raised funds to facilitate the next stage of the Company's development through further acquisitions. The UK wealth management industry is undergoing a number of changes that have made it very fragmented providing us with an attractive marketplace for consolidation. We look forward to providing our new shareholders with further updates as we achieve further growth."
The Harwood Wealth business was founded in 2001 under the name Compass Wealth Management by Neil Dunkley and Mark Howard. Since formation, Compass has grown primarily through acquisition and has completed over 40 business and share purchases. Most recently, the Company acquired Meon Valley Financial Planning Limited on 1 February 2016 and, as of listing, Wellian Investment Solutions Limited, an award winning investment management business. The Group focuses on the provision of financial advice to the mass affluent market (namely individuals with £200,000 to £500,000 of liquid financial assets or net assets, excluding main residence) through its core revenue generating services of advice and arrangement together with investment management. The Company has more than 80 FCA-regulated financial advisers and seven investment professionals, supported by an experienced administration and back-office team and AUI in excess of £1.25 billion. The Company is led by an experienced management team with Joint Chief Executives, Alan Durrant and Neil Dunkley, who together have over 40 years of financial planning and investment management experience.
The Company raised £13.5 million in an over-subscribed fundraise, of which £10.0 million was raised as new equity. The net proceeds will be used principally to provide funds for further acquisitions together with modest associated infrastructure costs. On admission the Company will have a market capitalisation of £45m. N+1 Singer acted as nominated adviser and sole broker to the Company.