Acorn to Oaks changes hands
A Bilston financial services business has been bought by City of London Group for an initial £1.4 million..
It will pay up to a further £5 million over the next three years depending on the performance of Acorn to Oaks (A2O).
A2O in Church Street specialises in insurance products for small and medium-sized businesses and landlords.
It made a profit of £177,000 for the 2017-2018 financial year and had gross assets of £402,000.
Michael Goldstein, chief executive of City of London Group, said the deal was dependent on Financial Conduct Authority approval.
"A2O fits perfectly into our sweetspot by focussing on SMEs and having a strong regional network. We are confident that this acquisition will be an important factor in helping to grow the lending side of the business," he added.
