Intrinsic Financial Services has announced that the purchase of Lighthouse is in the pipeline, with a shareholder-approved offer of £46.2m.
Intrinsic, owned by FTSE 250 firm Quilter, will add 400 financial advisers to its existing 3,500 following the acquisition of Lighthouse.
Intrinsic CEO, Andy Thompson, spoke about the transaction:
“Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes. The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice. I look forward to working with Lighthouse’s staff and advisers.”
Chief executive of Lighthouse, Malcolm Streatfield commented: “Lighthouse has a rich history, having been on AIM since 2000 and moving from its pre-RDR network roots to its position today as an affinity and professional relationship led, multi-channel financial advisory business. We are proud of all Lighthouse has achieved and are excited to continue our journey with Quilter.
“Quilter is a mature and profitable group with considerable scale and demonstrably values face to face advice and appropriate customer outcomes, making it a great home for Lighthouse’s staff, advisers and clients.”
The chief executive of Quilter, Paul Feeney, said: “At Quilter, our focus is on delivering good client outcomes and that always starts with advice. We are delighted to have agreed a recommended cash offer for Lighthouse and look forward to their advisers joining the Quilter family. As the advice market consolidates the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”
Gunner & Co. work with Quilter on future acquisitions. To know more about selling your business to Quilter contact Gwill.Evans@gunnerandco.com
