Statement re future operations in Monaco

RNS Number : 4813I

Gordon Dadds Group PLC

09 August 2019

 

Gordon Dadds Group plc

 ("Gordon Dadds", the "Company" or the "Group")

Completion of review of future operations in Monaco

On 31 December 2018, the Group acquired the former Ince & Co LLP which included the firm's London, Beijing and Shanghai offices.

On 1 April 2019, the Group entered into new arrangements with the independent legal entities which were former Ince & Co network firms in Hong Kong, Singapore, Dubai, Greece and Germany and whose results will now be consolidated in the Group's results, while continuing to review its relationship with the former Ince office in Monaco.

The outcome of this review process is that the Group has concluded that the financial performance of its representation in Monaco can be improved by bringing in a new team.  As a result, in future, the Monaco office, under the new team, will become part of the Group. The former Ince team will leave that firm shortly. There will be no compensation or any entitlement to deferred consideration payable to the former team from the Group.

As always the Group's goal is to provide clients with excellent service while also generating a proper return to its shareholders.

Ends

Enquiries:

Gordon Dadds Group plc                                            [e-mail] 

Adrian Biles, Group Chief Executive

Christopher Yates, Chief Financial Officer

Arden Partners

Nominated Adviser and broker to the Company     [phone]

John Llewellyn-Lloyd
Ciaran Walsh
Fraser Marshall

Portland Communications                                            [phone]

Steffan Williams                                                              [e-mail]

Simon Hamer

Lauren Gallagher

 

END

 

 

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