views

Astaire clinches deal to buy rival Hoodless

STOCKBROKER Astaire is buying rival Hoodless Brennan in a £3m deal.

Hoodless directors and another investor who has two thirds of the shares have given the green light to the cash and loans deal.

Astaire has already sealed deals for Blue Oar, Rowan Dartington and Ruegg & Co.
The company is expected to re-brand the Hoodless stockbrokers' business.

Chief executive Edward Vandyk said: "The small cap stockbroking sector has too much capacity and is overbroked.

"This deal will strengthen Astaire's balance sheet and business from day one and the enlarged group will deliver significant synergies."

"Astaire's focus on achieving optimal business mix via selective acquisition will enhance shareholder value."