Harwood, a leading UK-based financial planning discretionary wealth management business, today announced the £1.13m deal for Fund Management IFA.
The deal means Financial Planning, an IFA based near Ascot, Berkshire, will continue to operate as a standalone brand, but will also benefit from access to Harwood’s processes, technology and investment strategies.
Peter Mann, non-executive chairman of Harwood Wealth Management Group, said the acquisition, approved by the FCA, enhances Harwood’s presence in Berkshire and surrounding counties.
He said: “It is pleasing to be able to announce another meaningful acquisition by the group so soon after we announced the acquisition of the assets from Plan 65 Limited.
“As we reported at the time of our final results earlier in the year, we are making strong progress both organically and through our long-established strategy of making good quality acquisitions and, if anything, the current market dynamics are only likely to improve in this respect.
“We are delighted to be welcoming FM, as we further bolster our presence in the south east.”
FM has AUI of £34m, and the initial cash consideration of £566,100 will be granted through the group’s existing capital resources.
The deferred consideration of £566,100 will be payable over two tranches over the next 2 years, subject to performance measures of FM being achieved.
FM was owned jointly by Ian and Diana Head. Mr Head, director of FM, will remain working as a financial adviser.
Gunner & Co. was the broker-introducer on the Plan65 deal. To know more about selling your business to Harwood Wealth management contact louise.jeffreys@gunnerandco.com
