24th Dec 2020 10:32
(Alliance News) - Randall & Quilter Investment Holdings Ltd on Thursday said its subsidiary Randall & Quilter II Holdings Ltd has agreed to acquire the Vibe group.
The group comprises Vibe Services Management Ltd, Vibe Corp Member Ltd and Vibe Syndicate Management Ltd. The group was incorporated in England & Wales in 2006 and is ultimately owned by Syndicate Holding Corp in Puerto Rico.
The Bermuda-based insurance company said it will pay GBP25 million in cash for the Vibe group. This represents a discount to the Vibe group's net assets which, at the end of June, were estimated to be GBP29.4 million. In 2019, the Vibe group recorded a loss of GBP29.9 million, Randall & Quilter said.
"While logistically it has taken longer to complete deals due to Covid-19, we are pleased to report that we have a healthy pipeline of opportunities and a number of further transactions which are nearing completion," said Executive Chair Ken Randall.
"We therefore look forward to announcing further legacy transactions over the course of the next few weeks," added Randall.
AIM-listed Randall & Quilter shares were trading 2.0% higher in London on Thursday at 176.00 pence each.
By Evelina Grecenko; [email protected]
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