LONDON: APQ Global, an emerging markets’ growth company based in Guernsey, has acquired the entire issued share capital of Parish Group Limited, a Guernsey incorporated non-cellular limited company.
Parish is a fiduciary and corporate services provider, based in Guernsey and Alderney and offers the following services:
- Corporate Services – A full suite of corporate services including incorporation and set up, administration, provision of corporate directors, nominee shareholders, corporate secretarial work, provision of Company Secretary, Registered Office, Resident Agent.
- Trust Services – Parish provides a comprehensive range of services for the establishment and administration of Trusts.
- Pension Services – Including RATS (Retirement Annuity Trust Schemes), QROPS (Qualifying Retirement Overseas Pension Schemes), QNUPS (Qualifying Non-UK Pension Schemes) and International Pension Plans.
- Intellectual Property – As a licensed fiduciary, Parish assists with registering trademarks, patents and image rights in accordance with Guernsey law.
- Foundations – establishment and administration of Foundations, provision of enforcer, resident agent, council members etc.
- Support Services – Provision of all kinds of administration support, business planning, accountancy, bookkeeping, payroll and Guernsey tax computations and returns.
- Legal Services – Provision of legal guidance and advice to a portfolio of clients covering all areas of business by in-house legal counsel for non-reserved legal matters. Parish also provides guidance in relation to more complex legal affairs and makes external referrals, particularly in relation to reserved legal activity including litigation, probate and administration of oaths.
The acquisition is an excellent strategic fit for APQ Global and will accelerate the Company’s growth plan in the corporate services sector with a focus on emerging markets. Parish Group currently offers its services to clients in over 30 jurisdictions, including Israel, South Africa, the United Arab Emirates and Qatar.
For the year to 31 December 2018, Parish generated revenues of approximately £1.0 million and profit before tax of approximately £0.4 million. As at 31 December 2018, Parish has gross assets of approximately £1.4 million.
APQ will pay a net amount of approximately £2.7 million cash consideration to the sellers.
APQ Capital Services Limited, a wholly owned subsidiary of the Company, will issue 268,000 Convertible Preference Shares to the Sellers at price of $10 per share; and will issue 1.0 million warrants in APQ Global, with an exercise price equal to the most recently announced book value per share of 70.94 pence, to the Sellers.
Bart Turtelboom, Chief Executive Officer and Executive Director of APQ Global, commented: “We are delighted that we have agreed to acquire Parish Group Limited. We are proposing to acquire a business which has a long-standing track record of delivering strong revenue and profitability and has expanded confidently since establishment. Furthermore, by adding Parish Group to our portfolio of companies, we believe that there is a clearly defined opportunity to achieve strong shareholder return.”