Corporate finance business Westhouse Holdings has agreed to acquire Smith’s Holdings for £735,000.
Corporate finance business Westhouse Holdings has agreed to acquire Smith’s Holdings and its operating subsidiary, Smith’s Corporate Advisory, for £735,000.
As part of the deal, Christopher Getley, Smith’s joint managing director, is to become chief executive of the enlarged company and will hold a 4 per cent stake in the business. Getley will replace Bill Staple, who will assume the role of executive deputy chairman.
Nicholas Bull, chairman of Smith’s, says: ‘Together with Westhouse, Smith’s will be able to offer a more comprehensive service to its clients by placing shares direct with investors. Smith’s will also assist Westhouse’s existing business by adding an extra dimension to Westhouse’s corporate broking relationships, particularly in the resources and closed-end fund sectors.’
Johnny Martin Smith founded Smith’s in 1999, and will continue to lead Smith’s as managing director upon completion of the deal. Smith’s will continue to operate independently under its own name within the Westhouse group and will move into Westhouse’s premises in London.
Smith’s provides corporate broking and investor relations services, particularly in the mining sector and amongst investment funds. In the year to March 2010, Smith’s reported a loss of £67,741 on sales of £715,277.
Westhouse Holdings is a corporate finance and broking house offering corporate trading and M&A services to small and mid-cap companies in sectors including natural resources and clean energy. The London-based company has an office in Leeds and employs 40 staff. AIM-quoted Westhouse made a £1.2 million pre-tax profit in 2009 but lost £615,309 on a £2 million turnover in the six months to June 2010.
