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Newell Palmer makes fifth IFA acquisition of 2017

Newell Palmer makes fifth IFA acquisition of 2017

Newell Palmer has bought a Bromsgrove-based IFA for an undisclosed sum.

The acquisition of Haven Financial Services is the fifth such deal Newell Palmer has made in 2017.

Newell Palmer, which is based in Wolverhampton, has more than quadrupled its funds under management in the last five years, growing through acquisition and referrals to reach £1.7bn.

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Kevin Homfray, Newell Palmer's finance director, said: “We are delighted to complete the deal on Haven Financial and continue our expansion strategy.

“Newell Palmer has two further acquisitions lined up this side of Christmas, with more on the horizon throughout 2018.”

Haven’s client base will be serviced by the teams at Newell Palmer’s Bromsgrove office.

The deal was facilitated by professional IFA broker, Tomorrow.

Paul Mallinson, principal of Haven, said: "I'm pleased to have concluded the deal and I would like to thank Kevin and his team at Newell Palmer for keeping the process straightforward, and to Tomorrow for their role in brokering the deal.

"I chose Newell Palmer after being left reassured by the number of acquisitions they have completed in recent years, and I’m confident my clients are in good hands which is very important to me."

The deal came just days after Financial Adviser's Top 100 Financial Adviser list was published. Click here to read the rankings for 2016 to 2017.

damian.fantato@ft.com