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Harwood Wealth strikes £1.56m deal for Ascot firm

Harwood Wealth strikes £1.56m deal for Ascot firm

Harwood Wealth Management has struck a £1.56 million deal to buy retirement solutions specialist Plan 65.

Ascot-based Plan 65 is owned by its founders Keith Turner and Doug Rae, who both plan to retire once the deal completes.

The £1.56 million price will be divided by an initial consideration of £810,068 funded from the firm’s existing resources. This will be followed by a deferred consideration of £747,269 payable in two instalments, depending on certain performance targets met.

Plan 65, which has £42 million in assets under influence, will be integrated into Harwood’s Compass Wealth Management Consultants subsidiary.

The acquisition represents Harwood’s second purchase in a little over a month after it bought Southampton-based wealth manager and financial planner AE Financial Services for £4.6 million in March.

Harwood chair Peter Mann (pictured) told the market: ‘In line with our strategy to acquire IFA firms which share our values and culture, we are very pleased to have completed the asset acquisition from P65.

‘Since its inception in 2011, Keith and Doug have built a successful business and we wish them well for their future. We look forward to continuing to provide P65's clients with continued expert advice and exceptional service.’ 

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