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I'm not sure I understand GD's acquisition strategy. The take over of Ince and Co (a relatively large and reputable city firm) doesn't stack with some of its previous acquisitions, for example, Metcalfes (a mediocre firm not taken seriously in the Bristol market, let alone anywhere else).

Or is the strategy simply to take over troubled firms at the expense of their creditors and former partners? A bunch of failing firms won't, necessarily, a successful firm make.