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RMT Accountants and Business Advisors has advised a Dubai-headquartered multinational on its first move into the UK’s financial services sector.
The Gosforth-based firm advised Aroma Global on its acquisition of the West Midlands investment advisory business MitonOptimal Portfolio Management (UK) for an undisclosed sum.
The acquisition forms part of Aroma Global’s plan to diversify into different markets and sectors. Following the move, Aroma will look to increase the size of the MitonOptimal team, which is based in Wolverhampton, and expand the range of services the business provides.
Michael Cantwell and Rachel Warriner of RMT Accountants and Business Advisors advised the Aroma Global management team on the acquisition.
Founded in Dubai, Aroma Global currently employs around 6,000 people globally, has an annual turnover of around £250m, and has been active in the UK since 2013.
MitonOptimal Portfolio Management (UK) provides investment advisory services to both corporate and individual clients on a fully-regulated basis, as well as a range of other personal finance services.
Anne Sajeev Kochumman of Aroma Global said: “The support and advice provided by the RMT team has been excellent and this acquisition is the first part of what we expect to be a long and successful relationship.
“Aroma’s long-term success has been built on taking the time to establish firm foundations in every sector into which we’ve diversified before going on to use this as a base for growth, and we’ll be looking to do the same with MitonOptimal in the UK financial services sector.”
She added: “The business is very well-respected in its field, has a highly-skilled team which we will be looking to expand and has the potential to grow significantly in a number of different directions.
“Moving into the UK financial services sector has been a long-term ambition for us and we have a range of ideas for how we’re going to enhance our presence in it in the years to come.”
Michael Cantwell, head of corporate finance at RMT, added: “Aroma Global has an impressive heritage of more than 25 years of building a successful presence in each new sector that it has entered and this acquisition is the result of a clear, long-term strategy to move into a sector where it sees a range of new opportunities.
“We’re very pleased to be supporting the Aroma management team in this latest venture and look forward to working with them on the next stages of their business plan.”
