FRP Advisory acquires Cyprus-based APP

FRP Advisory Group announced the acquisition of the Cyprus-based APP Group on Wednesday, which provides advisory, tax and audit services.

The AIM-traded firm said APP’s directors, Augoustinos Papathomas and Christina Papathomas, would join FRP as Partners.

It said the rest of the APP team would also join FRP, including 14 colleagues and one consultant.

A total of 321,226 new shares would be issued as part of the transaction, with application to be made to trading on AIM.

It expected admission of the consideration shares to take place, and dealings to commence, at 0800 GMT on 16 December.

“We have known and worked with the team at APP for many years - they share our values, are experts in their field and focus on providing the highest quality services to their clients,” said chief executive officer Geoff Rowley.

“This combination lays strong foundations for future growth, and we're pleased to welcome Augoustinos, Christina and the team to FRP.

“The acquisition further strengthens our international presence and supports our work with global advisory organisation Eight International, enabling us to better support our clients on international matters.”

At 1514 GMT, shares in FRP Advisory Group were up 0.9% at 168p.

Reporting by Josh White for Sharecast.com.