Manx Financial Group plc, the holding company providing diversified financial services across the Isle of Man and the United Kingdom, has announced the acquisition of the UK FCA-licensed wealth management business, CAM Wealth Group Holdings Limited and its subsidiary, CAM Wealth Group Ltd. The business trades as CAM Wealth.

The consideration for the acquisition is £210,000, with a three-year earnout, funded from the group’s existing resources.

The acquisition aligns with the group’s growth strategy outlined in the December 2023 chairman’s statement, which indicated an intention to pursue acquisitions that support the development of a diversified financial services portfolio and enhance shareholder value.

Although relatively small in scale, the acquisition of CAM Wealth and its UK FCA licences provides a platform to expand services, including general insurance products, financial planning, and investment services, to both retail and SME customers in the UK. These services will extend to the existing customer base of Payment Assist Limited, which exceeds 100,000 clients.

The acquisition is also expected to create synergies with the group’s Isle of Man-based independent financial adviser, Edgewater Associates Limited.

Douglas Grant, the group’s chief executive, said: “The acquisition of CAM Wealth is a significant building block for Manx Financial Group. By integrating CAM Wealth’s expertise into our operations, we unlock opportunities to provide our UK customers with a comprehensive suite of financial planning, investment services, and insurance solutions.

“This acquisition aligns perfectly with our objective of enhancing shareholder value while exploring new avenues for growth within the UK’s financial landscape.”

Lizz Ewart, director of CAM Wealth Group Holdings Limited, added: “I, and my fellow director, Derek Gawne, are absolutely delighted to become part of the MFG Group of companies and look forward to the enhanced growth prospects afforded with this new relationship.

“We believe this is a real opportunity for us to assist MFG and their customers by providing a broader range of services and skills. We look forward to a mutually successful future.”