Marwyn Acquisition Co II Ltd on Monday recorded a widened loss as it targets acquisitions to address the ‘challenging’ financial situation created by changing demographics and wealth concentration.

For the year ended June 30, Marwyn Acquisition Co II recorded a pretax loss of £1.9 million, widened from £636,096 the year before.

The acquisition vehicle’s administrative expenses widened to £1.3 million from £636,100 the year before while it recorded a £635,000 negative movement in the fair value of its warrants, up from none the year before.

The company has not acquired an operating business and is not generating any income.

Marwyn Acquisition Co II held a cash balance of £10.3 million at the year compared to £12.3 million a year ago.

Marwyn Acquisition Co II says there are four interrelated themes - changing demographics, wealth transfer within families, non-financial family support and the concentration of wealth in property and pensions - which are created ‘increasingly challenging financial situations’. However, the ‘clear customer need’ resulting from these economic changes remains unmet.

The company intends to provide for this need through a combination of partnerships, acquisitions and bolt-on business in a variety of different sectors, including fintechs, pensions, mortgages and wealth management.

It is backed by Marwyn Partners, an investment company who have launched 11 comparable acquisition vehicles.

The company continues to ‘progress discussions regarding potential acquisition opportunities, as well as potential executive management appointments’, which the directors believe can deliver both the shareholder returns and broader stakeholder benefits that can be generated from a successful execution of the strategy.

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