25 November 2016 – acquisition
The Isle of Man based financial group has expanded its financial services business with the acquisition of competitor Knox Financial Services for £1.7m. The acquisition will be funded by the group’s own resources and will increase the assets under management at the group to around £300m from the existing £210m whilst the number of clients will increase by about 4,000 to 11,000. Shares in Manx have been disappointing performers but we continue to believe that there is solid value in the company which will be realised at some point. BUY.