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Bellpenny buys two advice firms; boosts assets by £150m

IFA consolidator Bellpenny has acquired two advice firms to boost its assets under advice by £150 million.

Bellpenny buys two advice firms; boosts assets by £150m

IFA consolidator Bellpenny has acquired two advice firms to boost its assets under advice by £150 million.

It has acquired Horsham-based firm Principals in Practice for an undisclosed fee. The deal will bring £90 million of assets under advice to Bellpenny.

The firm’s two advisers Christine Hawkins and Erik Sorensen have left the business and will not join Bellpenny.

Bellpenny has also acquired Cambridge-based Ashton KCJ Financial Planning from its joint owners Ashton KCJ Solicitors and Price Bailey for an undisclosed fee.

The deal will bring £60 million of assets under advice to Bellpenny. The firm’s two advisers Laura Morrison and Paul Russell have also left the business.

The two deals mean Bellpenny has more than £3.5 billion of assets under advice.

The consolidator, which is owned by private equity firm Oaktree Capital, has now completed 32 acquistions. In 2014 it posted a £5 million pre-tax loss due to its spend on acquistions, including £10 million to purchase national advice firm Torquil Clark.

In September, the company's chief executive Kevin Ronaldson stepped down from his role. He was succeeded by Nigel Stockton, who was previously chief executive of estate agency group Countrywide, which is also owned by Oaktree Capital. 

Dominic Rose (pictured), director of acquisitions at Bellpenny, said the company had benefitted from law firms like Ashton KCJ pulling out of advice.

‘From the outset, we anticipated that our model would have particular appeal to professional services firms looking to recalibrate their approach to financial services, and the Ashton KCJ deal is yet another example of this,’ he said.

‘Principals in Practice is a slightly larger business, but shares several characteristics with Ashton KCJ including its affluent catchment area and a similar average portfolio size.’

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