Engage Financial Services has bought its first IFA firm, adding around £20mn in assets.
The firm purchased Henley-based Kench & Co Financial Services which will see it grow its client book by approximately 27 client families.
Kench & Co Financial Services Ltd was formed in 2006 by the principals of Kench & Co Ltd, which are chartered accountants.
In 2008, John Rook joined the company as a financial adviser and director, and subsequently became a shareholder alongside Eric Kench who is a chartered accountant and former managing director at Kench & Co.
Speaking to FTAdviser, Sam Sloma, chartered financial planner and managing director of Engage FS, said it bought the business in full as Rook is retiring.
Sloma said Rook will be on hand for the first year to help with the transition and stated that as the firm is based in Henley - close to Engage FS’s premises - it won’t be opening an office there.
However, this is the first of many deals for Engage FS as it said it is in talks with another two firms, with the hope to complete those before the end of 2023.
The other firms it is looking to acquire are located in and around London in similar locations, with approximately between £20mn to £100mn of assets.
Sloma said: “Myself and the team from Engage FS are thrilled that John and Eric have chosen us to succeed them and we are delighted to be working with Kench’s clients.
“John and Eric have been considering their succession and what they believe is the right option for their clients. We know that they put their clients first and were keen to find the right firm to continue to look after clients with the same focus and bespoke advice.”
He added: “We pride ourselves on our client focus and personal relationships. We have a very strong team-approach and long-term staff committed to our business.”
sonia.rach@ft.com
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