European Wealth raises £2m to fuel acquisition drive

European Wealth has announced plans to acquire financial planning firm ISM Solutions and further 'bolt-on acquisitions', after raising £2m through a share placement.

The wealth management group raised £1.9m net of expenses from the placement of 2,527,095 new ordinary shares with new and existing shareholders at the price of 80p per share. It said the proceeds from the placement will be used to fund the acquisition of financial planning firm ISM Solutions, as well as buying "high quality businesses in the wealth management industry" and strengthening its balance sheet. The group will also consider smaller "bolt-on" acquisitions and the recruitment of "experienced, revenue-generating staff" to raise the level and reach of its current market activiti...