CompaniesAug 30 2016

Harwood Wealth swoops on advice network in £4m deal

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Harwood Wealth swoops on advice network in £4m deal

Aim-listed Harwood Wealth Management has reached a £4m deal to purchase a national advice network.

The wealth manager, which started trading on the Aim market in March, has agreed to buy Wolverhampton-based firm Network Direct for a maximum consideration of £4m, of which £1m will be paid upon completion.

Back in April, Harwood’s chief executive Alan Durrant told FTAdviser he was looking to spend the £10m raised in its stock market float on acquisition opportunities.

Harwood hopes the takeover of Network Direct Limited, or NDL, will mean it can reach out to clients across the UK.

NDL has an army of 107 financial advisers with assets under influence of £1bn.

Following the acquisition, which is subject to approval from the Financial Conduct Authority, Harwood’s assets under influence are expected to hit £3bn.

Peter Mann, chairman of Harwood Wealth, described the move as a “key strategic acquisition” adding to the company’s existing investment offerings, in order to benefit NDL’s advisers and clients.

katherine.denham@ft.com