Acquisition

RNS Number:0854G
Ashcourt Holdings PLC
07 December 2004

7th  December 2004


                             Ashcourt Holdings plc
                         ("Ashcourt" or "the Company")

                  Acquires Howells, Rawlings and Ward Limited
                                    ("HR&W")


Ashcourt Holdings plc announces the acquisition of Howells, Rawlings and Ward
Limited an IFA and financial services provider, which offers independent
financial advice and transact life assurance, pensions and investment business
("the Business").  The acquisition will complement Ashcourt's existing business
and is in line with the company's strategy of growth through acquisition as well
as organically.


HR&W had gross fee income for its last financial year to 31st May 04 of #325,000
and net assets of #147,000.for the same period.


The consideration for the acquisition is #200,000 payable upon completion in
cash, and a further amount of deferred consideration related to gross revenue
generated over the next three years up to a maximum of #400,000 payable in the
form of loan notes in Ashcourt.  In addition, Ashcourt will pay for the net
assets of HR&W as at completion satisfied by the issue of new Ashcourt ordinary
shares to the vendors. Completion will take place upon confirmation of the
transfer of the HR&W client base, which is expected to take place in some six to
eight weeks.


Commenting on the acquisition, John Morton, Chief Executive of Ashcourt said:


"It has been a remarkable year for us. The AIM listing in June coupled with the
successful integration of Horder & Company which we acquired in July, has meant
that we're in the privileged position of having businesses approach us rather
than having to look for potential acquisition targets.   HR&W was one of these
businesses and we we're delighted to have made this acquisition."



                                     -Ends-

For further information contact:



Ashcourt Holdings Plc                         Parkgreen Communications
John Morton, Chief Executive Officer          Justine Howarth/Ana Ribeiro                                               
Tel: [phone]                             Tel: [phone]


Notes to Editors


Howells, Rawlings and Ward Limited ("HR&W")

An IFA and financial services provider, Howells, Rawlings and Ward has over 20
years experience in the financial sector. Founded in 1980 and regulated by the
FSA, HR&W provides its clients with a full range of financial products from
personal and Company pensions, to portfolio management as well as financial
advice.


Ashcourt Holdings plc

Ashcourt Asset Management Limited was formed in May 2000 following the demerger
of the asset management arm of Brachers Solicitors.  At the same time Ashcourt
Asset Management Limited acquired the financial services division of Wilsons
solicitors bringing a combined fund of #160 million.



The Group has subsequently grown the size of the funds under management by the
acquisition of the financial services divisions of Blake Lapthorn (May 2001),
Lawrence Graham (May 2002), DMH Solicitors (November 2002) and Hawkins Russell
Jones (February 2003).  As a result of these acquisitions and the Group's
organic growth, funds under management by the Group have risen to current levels
of over #550 million.  On 7 October 2002 the Company was admitted to OFEX.



In May 2000 the Company formed Ashcourt Investment Advisors Limited (AIA) to
provide clients with life assurance and pensions advisory services. In August
2003 this business was expanded by the acquisition of Barney Wilkins and Howard.
The expansion of the financial planning operation has continued with the
acquisition in June 2004 of Horder & Company. This has balanced the revenue of
the Group more equally between its asset management and financial planning 
businesses.  AIA advise on approximately #230 million.



In November 2001 a new subsidiary, Ashcourt Asset Management Guernsey Limited,
was established to manage AAM's first Collective Investment scheme ("Collective
"), Ashcourt Select Portfolio Limited, a Guernsey based OEIC. Since then an
additional fund, Ashcourt Sterling Bond, has been launched together with the
establishment of an offshore fund management operation.  AAM also manage two
other collectives, the Zenith EU Growth fund and CF BWH International.



The Group now employs over 85 people in London, West Malling, Winchester,
Brighton and Guernsey.



Structure

The Company operates through the following wholly owned subsidiaries:



*   Ashcourt Asset Management Limited offers independent discretionary
    and advisory portfolio management services to private clients, businesses 
    and charities.  It has offices in Kings Hill, London, Winchester, Brighton 
    and Hitchin and is regulated by the FSA.



*   Ashcourt Asset Management Guernsey Limited is a management company
    appointed to manage the Ashcourt Select Portfolio and the Ashcourt Sterling 
    Bond Fund.  It is based in Guernsey and regulated by the Guernsey Financial 
    Services Commission.  It also operates through its wholly owned subsidiary 
    Ashcourt Nominees Guernsey Limited to offer offshore asset management 
    services.

*   Ashcourt Investment Advisers Limited offers independent pension
    and financial planning advice to both private and corporate clients.  It has
    offices in Kings Hill, London and Winchester and is regulated by the FSA.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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