ASTAIRE, the rapidly-expanding City stockbroker headed by small-cap broking veteran Edward Vandyk, yesterday announced its fourth acquisition in just 12 months, buying up Hoodless Brennan for £3.6m.
Vandyk said Hoodless was an attractive fit for Astaire because both firms operate stockbroking businesses in London and Bristol, while Hoodless is strong in market-making, an area in which its new parent is keen to grow.
“I recognise the need for consolidation in the sector, and opportunities like this don’t come up every day,” he added. “Achieving critical mass is essential to our business.”
Astaire will shortly be moving from its offices on Old Broad Street to Finsbury Pavement, where Hoodless last month moved into new premises after relocating from Canary Wharf.
Under the terms of the offer, Hoodless shareholders will receive 0.9403p per share in cash, plus 4.47p in nominal value convertible loan notes.
Astaire last year also swallowed up Dowgate Capital, Whim Gully Capital and St Helen’s Capital.