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Astaire acquires HBH
Financial services firm Astaire Group has agreed to acquire London-based stockbroker Hoodless Brennan Holdings (HBH) for £3.6 million.
HBH specialises in broking services in the London small cap space. The company generated pre-tax losses of £3.8 million on turnover of £6.4 million in 2008.
Edward Vandyk, chief executive of Astaire, says that the deal will immediately strengthen the group's balance sheet and deliver 'significant synergies'.
The deal comes after Astaire's acquisitions of financial adviser Ruegg & Co and stockbroker Dowgate Capital last year. In the six months ending June 2009, Astaire reported revenue of £5.2 million and pre-tax losses of £2.6 million.
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