Specialist investment banking firm Astaire Group Plc has acquired Ruegg & Co for £315,000.

Specialist investment banking firm Astaire Group Plc has acquired Ruegg & Co for £315,000.

London-based Ruegg is a niche corporate finance adviser focussed on AIM and PLUS corporate clients. In 2008, Ruegg generated pre-tax profits of £131,000 and had net assets amounting to £187,000.

Edward Vandyk, chief executive of Astaire, said: ‘Ruegg is a well-respected adviser with an excellent track record of working with smaller quoted and unquoted companies. Its business fits in well with our own corporate advisory business.’

Astaire reported a 21 per cent decrease in revenue to £15 million in 2008, with pre-tax losses of £15.8 million.