Mon, 04 Sep 2023 | BUSINESS SALE
Independent financial advisor (IFA) consolidator Loyal North has secured £40 million in client funds with its latest acquisition. The company has acquired Kings Lynn-based financial advice firm Quay Financial Planning for an undisclosed amount.
The addition of Quay Financial Planning’s client funds means that Loyal North now manages in excess of £1.6 billion in client wealth across the UK. The deal also boosts Loyal North’s presence in the East of England, reflecting its strategy of supporting and growing regional UK IFAs and acquiring firms with strong local operations.
Post-acquisition, Quay Financial Planning will join Loyal North’s Hertfordshire-based hub GPFM Chartered Financial Planners, with Quay principal Katie Hateley joining GPFM as a senior financial planner.
Debbie Dry, Loyal North’s group acquisition director, commented: “Katie and the Quay team are a great addition to our group and to GPFM. We look forward to supporting these businesses as they grow and build on the excellent service they provide to clients.”
GPFM joint managing directors Scott Atkinson and Simon Frost said: “This acquisition marks a further step in our growth plans for Loyal North’s east of England. Katie has built an excellent business and we are looking forward to driving the next phase of growth for our combined businesses.”
The deal is Loyal North’s 12th acquisition since it was founded in 2017, as the firm continues to take advantage of the widespread consolidation that has been ongoing in the UK’s wealth management sector for several years now. Last month, Loyal North acquired West Malling-based IFA Paul Wallis Financial Solutions, which will join its Kent hub, H&D Financial Planning.
Read more about the booming wealth management M&A market:
Wealth management M&A boom continues amid changing dealmaking environment
Financial advice M&A: Valuations for larger firms rise as market shifts
An exciting opportunity to acquire a well-established independent financial advisor firm with £125m in funds under management in Wiltshire.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
This firm represents a superb opportunity to establish a hub, with staff and offices already in place.
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