Spearpoint's new owner could pay £30m. for the business

SPEARPOINT, the Channel Islands-based independent investment boutique, has been sold for what could ultimately be more than £30m.

The new owner is Aim-listed wealth manager Brooks Macdonald Group, which will pay £23.1m. in a mix of cash and shares, followed by a deferred payment of £4m. due in November 2014, which could rise to approximately £9m. if Spearpoint's growth projections are met.

Spearpoint, which was founded in the islands in 2007, reported pre-tax profits of £3.91m. on revenues of £11.42m. for 2011.

'Everyone at Spearpoint is very excited about the opportunities that becoming part of Brooks Macdonald present,' said John Davey, chief executive of Spearpoint.