MKC Wealth has purchased Lighthouse Carrwood, the independent advice arm of Lighthouse Group. The deal is subject to regulatory approval from the Financial Conduct Authority.
MKC Wealth was purchased in October by two ex-Quilter directors, Dominic Rose and Nigel Spiers, after they secured funding from PE firm Cabot Square Capital. Lighthouse is owned by Quilter.
Mr Rose, the new chief executive of MKC Wealth, commented:
“Our focus remains on only making acquisitions where we feel there is a good cultural fit and at a sensible and sustainable pace.”
The deal contributes 12 advisers to MKC Wealth. The value of the deal and whether past liabilities will be taken on has not been disclosed. Last year, £17m of liabilities arising from British Steel claims were reported to have taken Lighthouse Advisory Services down to a £20.7m pre-tax loss.
Chief executive of Quilter, Stephan Gazard, said:
“We are committed to ensuring good client outcomes and we believe MKC Wealth is an excellent home for the business given its focus as an IFA-led advice business.”
If you’d like to know more about MKC Wealth, contact our Managing Director Louise Jeffries here.