Shares in a British wealth manager soared after it agreed a £6million takeover deal with a Singapore-based rival.
Walker Crips rose 80 per cent, or 6p, to 13.5p after PhillipCapital said it would pay 14p per share for the business.
The wealth manager has struggled in recent years and took a £5million emergency loan from PhillipCapital, which owns about 29 per cent of the firm.
The deal is expected to result in redundancies of around 10 per cent of Walker Crips’ 230 staff.
The two firms said: ‘PhillipCapital is well positioned to provide the necessary capital and deep sector expertise to support Walker Crips through this strategic realignment and turnaround into its next phase of growth.’
Takeover: British wealth manager Walker Crips rose 80% after Singapore-based rival PhillipCapital said it would pay 14p per share for the business
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