Skipton Building Society has sold its wealth management unit, Torquil Clark, to IFA consolidator Bellpenny for an undisclosed sum.
The deal, announced this morning (5 August), will see Wolverhampton and Carnforth-based Torquil bring a total of £900m of client assets to Bellpenny, which has boosted its assets under management to more than £2.5bn.
The deal incorporates Torquil Clark’s wealth management and employee benefits businesses. It also includes Torquil Clark’s execution-only business TQ Invest, which accounts for more than £500m of the funds under management.
Employees of Torquil Clark, which include 16 financial planners and more than 50 support staff, will join Bellpenny. John Chapman, managing director of Torquil Clark, will join Bellpenny to head up the rebranded direct business.
The local presence will be retained under the Bellpenny brand, and will become the company’s Midlands hub, which bosses say will provide a base for further expansion in the region.
Completion of the deal is conditional upon regulatory approval. Skipton established Torquil Clark in 2008 to focus on providing financial advice to high net worth clients.
The deal is the consolidator’s 21st since being established and comes hot on the heels of Bellpenny buying Hansen Lloyd back in May.
Kevin Ronaldson, chief executive of Bellpenny, said: “Torquil Clark has become a true heavyweight of the UK financial planning scene over the last 25 years. It is a reflection of how far Bellpenny has come that we’re already in a position to be making acquisitions on this scale.
“This acquisition will be especially important for us because it incorporates a substantial, execution-only business in the form of TQ Invest.
“Having a direct operation alongside comprehensive wealth management and employee benefits offerings will vastly extend Bellpenny’s market reach and appeal, by enabling us to deal with clients in whatever way best suits their personal needs.”
David Cutter, chief executive of Skipton Group, said: “We are pleased with the way we have been able to develop Torquil Clark since it has been part of the Skipton Group, in collaboration with its management team.
“However, under Bellpenny’s new ownership, there are many potential new opportunities for the business to realise and we very much look forward to seeing it flourish in the years to come.”
John Chapman, managing director of Torquil Clark, added: “With its strong financial backing, clear vision and relentlessly customer-focussed approach, I fully expect Bellpenny to be one of the dominant players on the UK financial planning scene over the coming years.
It was back in 2008 that Skipton acquired a then 86 per cent stake in Torquil Clark. At that time the firm was the fourth financial advice company within the Skipton Group, bringing its total number of subsidiaries in 2008 to 20. The purchase saw Don Clark, founder and principle shareholder of Torquil, leave the firm.
