Private equity backed MKC Wealth has bought Buxton-based Crescent Independent and the client base of Bury-based IFA Christine Brearley. These two deals added £90m to MKC Wealth’s assets under advice.

Crescent Independent is a former appointed representative of the Tenet Group network. It has £70m of assets under advice, and advises 188 households.

Steve Penn and David Brookes, founders of the firm, will join MKC Wealth on a consultancy basis for an initial six months to support the handover.

They said “We built up our business entirely by word of mouth, initially advising private clients and then adding a significant number of corporates.

“Over the last year we have been planning a smooth succession before we retire.

“We were introduced to numerous prospective buyers and were made lucrative offers, but money was not the main factor in our decision.”

Meanwhile, Recently retired Brearley was an appointed representative of PI Financial and the purchase adds a further £20mn AUA to the MKC Wealth as well as 50 households as clients.

Dominic Rose, CEO of MKC Wealth, said: “We have a fairly simple philosophy; our clients trust us to look after their life savings and to plan for their (and their family’s) future.

“This is a massive responsibility that everyone in our team fully appreciates and passionately cares about.”

“Similarly, business owners trust us to look after their clients whom they have supported over many years. Both of these transactions will facilitate the retirements for Steve, David and Christine whilst ensuring the clients are well cared for.”


To discuss the market for potential acquisitions, speak with our Head of Brokerage Gwill Evans and click here.