Teather & Greenwood to acquire Escalon

Teather & Greenwood, the stockbroker and corporate finance advisor, announced on 19 October that it is to acquire the entire share capital of Escalon, a Liverpool-based corporate finance house. Escalon currently has 32 corporate clients, 18 of which are fully listed and 11 of which are listed on AIM (including 13 VCTs). This client list is expected to transfer to Teather & Greenwood upon completion of the transaction. The company is being bought with an initial cash consideration and further cash consideration payable on a multiple of three to five times post-tax profits for every year up until 31 October 2004. The directors and shareholders of Escalon were advised by Hammonds Suddards Edge (Robert Hamill and Jonathan Cornelius); Teather & Greenwood was advised by Wedlake Bell.

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