Profits at Robey Warshaw have rebounded as the boutique advisory firm known for working on some of the UK’s biggest deals recovered from the least profitable period in its eight-year history.
The group, which made former chancellor George Osborne its fourth partner in April, has carved out a role advising some of the UK’s biggest listed companies, including the London Stock Exchange Group on its $27bn acquisition of data provider Refinitiv.
Revenue at Robey Warshaw rose 50 per cent to £40.1m in the 12 months to the end of March while the boutique’s three partners — Sir Simon Robey, Simon Warshaw and Philip Apostolides — shared total profits of £30.1m.
Osborne did not share in the profits as he joined the following month. The best paid partner, believed to be former Morgan Stanley banker Robey, received £20.1m, according to accounts filed at Companies House this week and first reported by The Sunday Times. Robey Warshaw declined to comment.
The group, which is structured as a limited liability partnership, is not liable for tax on its profits, with each partner responsible for tax on their own share. Its 13 employees were paid a combined total of £6.8m.
The results represent an upswing in fortunes for the business. Its profits had fallen to £17.9m the previous year, with Brexit uncertainty blamed for lower levels of dealmaking.
Robey Warshaw has become one of the UK’s most successful deal advisory businesses since it was set up, challenging blue-blooded investment banks such as Goldman Sachs and JPMorgan Chase.
Its most recent results take total profits since its foundation in 2013 to £237m. Robey alone has received more than £100m in profits in that time.
The group has made its name advising on large acquisitions such as Anheuser-Busch InBev’s £79bn takeover of SABMiller in 2016 and US cable group Comcast’s £30.6bn acquisition of UK broadcaster Sky in 2018.
This year it has advised on deals including National Grid’s purchase of Western Power Distribution for an enterprise value of £14.2bn.
Robey set up the firm in 2013 alongside former Goldman Sachs banker Simon Robertson before being joined by Warshaw later that year. The group rebranded as Robey Warshaw after Robertson left in 2014.
Credit: Source link
