Lighthouse sells stake in Bristol adviser to Towry

In a statement made to the London Stock Exchange, the listed advisory company said its holding in Deverill Black, a subsidiary and appointed representative of the company, was “not strategic in nature” and that it had accepted an offer made by Towry.

Iain Black, director of Deverill Black, and three employees, have relocated to the national advisory firm’s Bristol offices, where they will continue to service their existing clients.

Established in 2001, Deverill Black reported pre-tax profits of £29,506 in the financial year ending 31 December 2012 and had net assets of £152,891.

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Towry revealed last April it was in talks with 85 firms over possible acquisitions and it has expanded heavily into Scotland in the past year, with the latest deal struck with Aberdeenshire-based firm Conclusion Financial Planning.