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Foster Denovo makes first acquisition in growth bid

Foster Denovo makes first acquisition in growth bid

Financial advisers Foster Denovo has bought employee benefits consultancy TEBC Limited.

TEBC, which is based in Buckinghamshire, has around 100 corporate client relationships and provides advice on pensions and group risk and some face-to-face member advice.

Its staff will join Foster Denovo, which intends to ultimately integrate the operation of TEBC with its own employee benefits division Secondsight.

The company said this will offer additional and enhanced services to TEBC clients.

Roger Brosch, chief executive of Foster Denovo said: “We are delighted to welcome TEBC, its clients and staff into the Foster Denovo Group.

“Sue Lewis, who heads up TEBC, has built exceptionally strong relationships with her clients and her experience in financial services and employee benefits is invaluable.

“I am particularly looking forward to Sue joining and sharing her extensive knowledge with her new employee benefit colleagues in Secondsight.

“This is the first acquisition we have completed as part of our growth strategy.

“Whilst we have met with many potential acquisition opportunities, TEBC stood out for its similar culture to Foster Denovo and its client centric approach to conducting business.

“The acquisition of TEBC is part of our continued intent to bring in high quality clients, advisers and support staff to Foster Denovo over the next few years.”

In 2014 and 2015 the number of advisers at Foster Denovo fell from 90 to 73, with the company saying this has hit its revenue and productivity.

Mr Brosch told FTAdviser last year that he had struggled to find quality IFAs to swell the company’s ranks so would be looking to buy firms.

Towards the end of last year Foster Denovo changed its status from public to private to encourage private equity investment to fund this growth.

Sue Lewis, managing director of TEBC, said: “We are looking forward to joining Foster Denovo and the benefits it will bring to TEBC clients and our team.

“Foster Denovo offers an enhanced employee benefits proposition through Secondsight, complementing the services that we have been providing up to this point.

“And I’m especially excited to be able to talk to clients in greater detail about Secondsight’s financial education and wellness propositions.”