Harwood Wealth Management Group, the AIM listed investment business announced the acquisition of Ascot-based Plan65, with plans that the firm’s pensions business will integrate in the Compass Wealth Management – a well-known subsidiary of Harwood, in a deal brokered by Gunner & Co.
As the broker and adviser on the deal, Gunner & Co.’s MD Louise Jeffreys commented: “The founders of Plan65, Doug Rae and Keith Turner, were looking to retire and find a strong new home for their business and clients. We could see there was a great fit with their client proposition and the breadth of service Compass could offer their clients.”
The deal is worth £1.56M, with just under 50% paid upfront, and the deferred consideration to be calculated on business performance over the next 2 years. The initial payment was made from Harwood’s existing cash reserves, which were further bolstered last year through an equity raise to increase acquisitions.
Peter Mann, Non-executive Chairman of Harwood Wealth Management Group, said:
“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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