Done deals: the IFAs who sold their businesses in 2018

This year has seen a host of advisers sell their businesses to consolidators – and sometimes to their own staff. Check out all the highlights from eight months of action here.

A rolling Standard Life gathers Moss

Date: 3 January 2018

Adviser: Tony Moss and Robert Goldschmidt

Firm name: Cumberland Place

Location: London 

Assets under management: £400 million

Buyer: Standard Life (1825)

Sold for: Undisclosed sum

IFA staying or leaving? Staying

Full story here

A rolling Standard Life gathers Moss

Date: 3 January 2018

Adviser: Tony Moss and Robert Goldschmidt

Firm name: Cumberland Place

Location: London 

Assets under management: £400 million

Buyer: Standard Life (1825)

Sold for: Undisclosed sum

IFA staying or leaving? Staying

Full story here

AFH continues spree

Date: 8 January 2018

Adviser: Nigel Parbrook

Firm name: Monopoly Financial Consultants

Location: Hertfordshire

Assets under management: Unknown, but Monopoly is expected to contribute £170,000 of recurring revenue to AFH

Buyer: AFH Financial 

Sold for: £631,000

IFA staying or leaving? Staying

Full story here

Getting deals done in Glasgow

Date: 15 January 2018

Adviser: Alistair Creevy (pictured)

Firm name: Independent Advisers (Scotland)

Location: Glasgow

Assets under management: Unknown

Buyer: Succession Group

Sold for: Undisclosed sum

IFA leaving or staying? Staying 

Full story here

Taking a punt in the South

Date: 22 January 2018

Adviser: Gary Hunt

Firm name: Focus Oxford

Location: Oxford

Assets under management: Unknown

Buyer: Punter Southall

Sold for: Undisclosed sum

IFA leaving or staying? Staying

Full story here

M&A at A&M

Date: 14 February 2018

Adviser: Unknown

Firm name: A&M Financial Services

Location: Wiltshire

Assets under management: £40 million

Buyer: Old Mutual Wealth Private Client Advisers

Sold for: Undisclosed sum

IFA staying or leaving? Unknown

Full story here

Sanlam scoop

Date: 19 February 2018

Adviser: Stuart Grennan and Helen Chapman

Firm name: Grennan Advisers

Location: East Yorkshire 

Assets under Management: £60 million

Buyer: Sanlam

Sold for: Undisclosed sum

IFA staying or leaving? Staying, for now

Full story here

Benchmark Buy

Date: 3 March 2018

Adviser: Unknown

Firm name: Alderbrook Financial Planning

Location: West Sussex

Assets under management: Unknown

Buyer: Benchmark Capital

Sold for: £2.1 million

IFA staying or leaving? Unknown

Full story here

Standing Ovation

Date: 3 April 2018

Adviser: Chris Budd

Firm name: Ovation Finance

Location: Bristol 

Assets under management: Unknown

Buyer: Ovation Finance employees 

Sold for: Undisclosed value/sum

IFA staying or leaving? Leaving

Full story here

Hughes' huge deal

Date: 10 April 2018

Adviser: Mark Hughes (pictured)

Firm name: Mark Hughes & Associates

Location: Royston

Assets under management: £50 million

Buyer: AFH

Sold for: £1.6 million

IFA staying or leaving? Staying

Full story here

Plan65 plots sale

Date: 23 April 2018

Adviser: Keith Turner and Doug Rae 

Firm name: Plan65 

Location: Ascot

Assets under management: £42 million 

Buyer: Harwood Wealth Management 

Sold for: £1.65 million 

IFA staying or leaving? Both men will retire

Full story here

Getting ahead

Date: 30 April 2018

Adviser: Ian Head (pictured)

Firm name: Fund Management

Location: Ascot 

Assets under management: £34 million 

Buyer: Harwood Wealth Management 

Sold for: £1.13 million

IFA staying or leaving? Staying

Full story here

Pryde of Scotland

Date: 15 May 2018

Adviser: Douglas Pryde

Firm name: DG Pryde

Location: Edinburgh

Assets under management: £200 million

Buyer: Old Mutual Wealth Private Client Advisers

Sold for: Undisclosed sum

IFA staying or leaving? Staying as a consultant in the short term

Full story here

Legal eagle AFH

Date: 21 May 2018

Adviser: N/A

Firm name: Merito (Freeths LLP)

Location: offices nationwide

Assets under management: unknown

Buyer: AFH Financial

Sold for: £530,000

IFA staying or leaving? N/A

Full story here

Brewing up a buy

Date: 21 May 2018

Adviser: David Hogg

Firm name: Clark Thomson MortgageFinders Ltd

Location: Dundee

Assets under management: undisclosed

Buyer: Brewin Dolphin

Sold for: undisclosed sum

IFA staying or leaving? Leaving to retire

Full story here

AFH on the hunt in York

Date: 11 June 2018

Adviser: Debbie and Nick Burchall

Firm name: Corville Financial Services 

Location: York

Assets under management: undisclosed

Buyer: AFH

Sold for: £1.5 million initial cash consideration with a further £1.4 million due over the next two months depending on targets being met.

IFA staying or leaving? Both will join AFH as part of the deal, along with another Corville adviser.

Full story here

Old Mutual Wealth clinches Carlisle Firm

Date: 11 July 2018

Adviser: Philip Dhillon and Trevor Iredale

Firm name: Saint & Co

Location: Carlisle

Assets under management: £100 million

Buyer: Old Mutual Wealth

Sold for: undisclosed sum

IFA staying or leaving?

Saint & Co partner Philip Dhillon and adviser Trevor Iredale will join Old Mutual Wealth Private Client Advisers' Cumbria, which was established in 2017 with the acquisition of Dodd Murray. 

Full story here

Progeny plan

Date: 24 July 2018

Adviser: Antony Williams

Firm name: Evolve Financial Planning

Location: London

Assets under management: Unknown.

Buyer: Progeny Group.

Sold for: undisclosed sum.

IFA staying or leaving?

Founder and managing director Antony Williams and all the firm's directors and advisers will join the group. 

Full story here

EQ Investors share sale

Date: 25 July 2018

Adviser: John Speirs

Firm name: EQ Investors

Location: London

Assets under management: £800 million. 

Buyer: the employees!

Sold for: N/A

IFA staying or leaving?

No announcement was made regarding John Speirs' succession plan for the firm.

Full story here

MBO at IQ

Date: 9 August 2018

Adviser: Lee Robertson

Firm name: Investment Quorum

Location: London

Assets under management: £500 million

Buyer: Petronella West 

Sold for: Not stated

IFA staying or leaving? Lee Robertson has left the firm to pursue other projects. He sold his stake in the firm to new managing director Petronella West, who is now heading the firm. 

Full story here

Broughton bought up

Date: 9 August 2018.

Adviser: Gary Bond (pictured).

Firm name: Broughton Financial Planning.

Location: Dudley, West Midlands.

Assets under management: £120 million.

Buyer: Mattioli Woods.

Sold for: up to £4 million.

IFA staying or leaving? 

Bond and his management team will remain with the business.

Full story here

Harvey your cake and eat it

Date: 23 August

Advisers: Nigel Poole and David Clarke

Firm name: Harvey Curtis LLP

Location: Sussex

Assets under management: £400 million.

Buyer: AFH

Sold for: up to £2.6 million: an initial £1.2 million cash fee, with the rest of the amount due later depending on performance targets being met. 

IFA staying or leaving? Both IFAs will join AFH as part of the deal.

Full story here

Derbyshire deals

Date: 28 August 2018

Advisers: Nick Thomas, Chris Holland and Nick Heald

Firm name: HTH (Group) Limited

Location: Derbyshire

Assets under management: As yet unclear.

Buyer: AFH 

Sold for: up to £5.1 million: an initial cash consideration of £2.3 million, with the remaining fee due over a 26-month period depending on performance targets being met.

IFAs staying or leaving? All three will join AFH.

Full story here

Decisions in Devon

Date: 3 September 2018

Adviser: James Tucker

Firm name: Lyn Financial Services & Partners Ltd

Location: Devon

Assets under management: Unknown

Buyer: AFH 

Sold for: £2.2 million in cash with further deferred considerations payable in cash over the next 26 months.

IFA staying or leaving? As yet unclear. 

Full story here

Slam dunk for Succession

Date: 20 September 2018

Adviser: Duncan Mackenzie

Firm name: Mackenzie Investment

Location: Inverness

Assets under management: Unknown

Buyer: Succession

Sold for: Undisclosed sum.

IFA staying or leaving? Mackenzie and staff will stay at the firm.

Full story here

Burren bought out

Date: 20 September 2018

Adviser: David Burren

Firm name: Warwick Butchart

Location: Cheltenham

Assets under management: Unknown

Buyer: Succession

Sold for: Undisclosed sum

IFA staying or leaving? Staying at firm with staff.

Full story here

Little goodbyes

Date: 24 September 2018

Adviser: Brian Little and Derek Gibbens

Firm name: Emery Little

Location: Wiltshire

Assets under management: Unknown 

Buyer: AFH

Sold for: initial consideration for the acquisition is £870,000 in cash. A further deferred consideration will be payable in cash over the next 26 months, subject to performance criteria ‘of the assets acquired being achieved’. The maximum purchase price is £1.6 million.

IFA staying or leaving?

Little is retiring. Gibbens will join AFH as an adviser.

Full story here

Sutton's sale

Date: 1 October 2018

Adviser: Mark Sutton

Firm name: Core Financial Services

Location: Maidstone

Assets under management: £230 million.

Buyer: AFH

Sold for: 

AFH said in a market statement that the maximum price of the deal could be £7.7 million. However the initial amount paid will be £3.2 million, with further payments dependent on ‘enhanced performance criteria of the business being achieved’ over the next 26 months.

IFA staying or leaving?

Sutton will join AFH along with nine advisers and their support staff.

Full story here

Marching orders

Date: 1 October 2018

Advisers: Neil McKechnie, Stephen Marchant and Graham Robertson

Firm name: Marchant McKechnie

Location: Yorkshire

Assets under management: £200 million 

Buyer: KW Wealth 

Sold for: 

The deal was for an initial payment of £1.6 million, but this could rise to £4 million, with £2.4 million of deferred payments dependent on certain revenue targets being met.

IFA staying or leaving? Unknown

Full story here

Second time lucky for Lamb

Date: 3 October

Adviser: Carl Lamb

Firm name: Almary Green

Location: Norwich

Assets under management: Unknown

Buyer: Smith & Pinching

Sold for: 

An undisclosed sum.

IFA staying or leaving? Lamb will join the company's board of directors.

Full story here

Punter's prize

Date: 9 October 2018

Advisers: John Cleverley

Firm name: JDP Financial Services

Location: Bedford

Assets under management: £220 million

Buyer: KW Wealth 

Sold for: an undisclosed sum.

IFA staying or leaving? Unknown.

Full story here

It makes sense...

Date: 18 October 2018

Advisers: Steve Wootton

Firm name: Sense of Wealth Management

Location: Wolverhampton

Assets under management: £35 million

Buyer: Newell Palmer

Sold for: an undisclosed sum.

IFA staying or leaving? Unknown.

Full story here

AFH purchases Premier

Date: 2 November 2018

Adviser: Richard Evans

Firm name: Premier Wealth Management*

Location: Harrogate

Assets under management: £90 million.

Buyer: AFH

Sold for: The transaction comprises £2 million up front, with the remainder subject to certain performance criteria met. 

IFA staying or leaving?

Premier Wealth Management Harrogate boss Richards Evans and his colleague Andrew Huby, along with their support staff, will move across to AFH following the deal

Full story here.

*readers may wish to be aware that this is not the NMA star profile business of the same name, which is based in Southport and run by Adrian Shandley.

Quilter triple buy (part one)

Date: 29 November 2018

Adviser: David Irving 

Firm name: Eastgate Financial Management

Location: Cheltenham 

Assets under management: Unknown

Buyer: Quilter Private Client Advisers

Sold for: An undisclosed sum 

IFA staying or leaving? Retiring

Full story here

Quilter triple buy (part two)

Date: 29 November 2018

Adviser: Charles Holdaway

Firm name: Holdaway Johnson

Location: Surrey

Assets under management: Unknown

Buyer: Quilter Private Client Advisers

Sold for: An undisclosed sum

IFA staying or leaving? Retiring

Full story here

Quilter triple buy (part three)

Date: 29 November 2018

Adviser: Clive Aitkenhead

Firm name: Clive C Aitkenhead Financial Consultant 

Location: Blackburn

Assets under management: Unknown

Buyer: Quilter Private Client Advisers

Sold for: An undisclosed sum

IFA staying or leaving? Retiring

Full story here

AFH bags five more firms

Date: 3 December 2018

Director: Paul Hodgson

Firm name: CTL Three (A group of five companies: The Insurance Partnership Financial Services; PCWM; IFA Professional Planning; Private Client Wealth Management (Yorkshire) and Kirk Ella Investments).

Location: North East

Assets under management: £530 million. 

Buyer: AFH 

Sold for: 

There will be an initial cash payment of £4.2 million, funded from AFH’s cash reserves, plus an issue of 26,178 ordinary shares of 10 pence each to Paul Hodgson at 382 pence (the average mid-market price of the three days prior to completion).

A further deferred consideration will be payable in cash over the next 26 months, subject to performance targets.

IFA staying or leaving?

Directors Paul Hodgson, Paul Newman, Shane Beardsley and Victoria Hicks, together with 22 advisers and their support staff, will join AFH.

Full story here

Stepping up

Date: 10 December 2018

Adviser: Philip Stepp

Firm name: Newell Palmer

Location: West Midlands

Assets under management: £1.3 billion

Buyer: Ascot Lloyd

Sold for: An undisclosed sum

IFA staying or leaving? Unclear

Full story here

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