Investor Group considers Stockford acquisitions
The Investor Group dealership has confirmed it is in discussions with the troubled Stockford group about acquiring a number of the accounting and financial planning consolidator’s businesses.
Investor Group managing director Kevin White was not available for comment last week, but a statement released by the group says it is involved in negotiations to acquire “certain business units of Stockford”.
The statement says discussions are at an early stage and no agreement has been reached between the two groups.
The move is consistent with Investor Group’s previously stated growth strategy. Last week, the group announced it had purchased the Grampians Finance Group, a financial planning business.
The acquisition followed on from that of Williams Hatchman and Kean (WHK), Sanderson Blair,Accumulusand Prescott by Investor Group over the past 18 months.
A statement released by Stockford says its discussions with Investor Group are in line with a review of the company’s structure and may result in the sale of certain parts of its business.
The group’s chairman, Chris Riordan, announced a major review of the group last year after it revealed an after tax loss of $123.8 million for the full year to June 30, 2002. The loss included a $104.5 million write down in the value of the Stockford’s goodwill.
The poor result was followed by the departure of Stockford chief executive John Malouf, and directors Brian Clayton, Merran Kelsall, Lawrie Robertson and Richard Cawsey.
Stockford shares were trading at around three cents late last week, down from a high of around $2 in early 2001, a few months after its listing.
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