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November 8, 2023
Advice from RMT Accountants & Business Advisors has helped a Dubai-headquartered multinational group of companies make its first move into the UK financial services sector.
The Gosforth-based firm has worked with Aroma Global on the acquisition of longstanding West Midlands investment advisory business MitonOptimal Portfolio Management (UK) for an undisclosed sum as part of Aroma’s continuing diversification into new markets and sectors.
Founded in Dubai in 1997, Aroma Global employs around 6,000 people around the world, has an annual turnover of around £250m and has been active in the UK since 2013.
Its interests range from construction, film production, plantations and organic farming through to real estate, hospitality and the Fragrant Nature chain of luxury hotels and resorts across the Indian peninsula.
Michael Cantwell and Rachel Warriner of RMT Accountants & Business Advisors advised the Aroma Global management team on the acquisition of MitonOptimal Portfolio Management (UK).
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.
Aroma is now looking to increase the size of the MitonOptimal team, which is based in Wolverhampton, and to expand the range of services the business provides as part of its growth strategy for its new acquisition.
Anne Sajeev Kochumman of Aroma Global says: “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.
“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 Accountants & Business Advisors, adds: “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.”