On 24 November 2023, the Company entered into an agreement to acquire 0.1% of the partnership interest in Blackheath Capital Management LLP ("Blackheath"), a UK limited liability partnership that provides management and regulatory oversight services to investment funds and offers management company services as an Alternative Investment Fund Manager (“AIFM”).
Following regulatory approval for the transaction, initial consideration was transferred on 1 March 2024. To fund this initial consideration, the parent company, JTCG, made a capital contribution to the Company. The agreement also included a deferred payment to the selling shareholders linked to revenue targets for the year to 31 December 2024. This is accrued and shown within salaries as the directors consider this to be remuneration for post-acquisition services, it is due on or before the 1 April 2025. On 27 March 2025, a further capital contribution was made by JTCG, to settle this in full. On 18 July 2024 Blackheath was renamed to be JTC GAS UK LLP.