European Wealth pays £675k for Surrey-based IFA

European Wealth pays £675k for Surrey-based IFA

European Wealth today (22 September) bought the financial planning business of legal firm Bells Solicitors Limited for £675,000.

Based in Farnham, Surrey, Bells Financial Planning business was established in 1999 and expanded in 2012 through the acquisition of local IFA company Biggs Hart.

The firm primarily advises high net worth individuals and private clients in the Farnham area who may have financially benefitted as a result of the legal firm’s work.

Article continues after advert

In the financial year to 31 August 2015, Bells Financial Planning clients accounted for about £43m of funds under influence and generated about £185,000 of revenue, of which about 91 per cent was recurring.

The deal will see £675,000 paid for the business, of which 80 per cent is to be satisfied in cash and 20 per cent in new ordinary shares of 5p each of the company.

On completion of the initial instalment of the deal, the Surrey-based financial planning team will immediately be re-branded under the European Wealth banner and will bring European Wealth’s financial planning team to more than 35 staff spread across its current five UK offices.

John Morton, executive chairman of European Wealth, said: “This is an excellent example of the “win-win-win” philosophy on which European Wealth is based.

“Not only are we able to provide a meaningful exit for the owners of the business for whom the financial planning aspect was non core, but our systems mean the business can be easily integrated into our group thereby ensuring a near seamless transition for the underlying clients.

“We believe it will provide an excellent platform for further growth in the locality.”

European Wealth delivers wealth management and financial planning services to its clients through its two main divisions, European Investment Management and European Financial Planning.

The group currently has more than £1.1bn of funds under management.