Ascot Lloyd Financial Services  

Ascot Lloyd buys Midlands-based IFA

Ascot Lloyd buys Midlands-based IFA

Ascot Lloyd has acquired West Midlands based IFA Newell Palmer, in a move expected to add more than £12m in revenues to the group.

An Ascot Lloyd spokesperson said the the deal will contribute to a turnover in excess of £50m in 2019 and add at least a further £1.3bn in funds under influence to the group.

As a result, client funds within the firm are expected to exceed £7bn.

Newell Palmer will initially retain their own name before rebranding to Ascot Lloyd in the second half of 2019.

The acquisition is expected to see Ascot Lloyd grow to more than 100 advisers and 400 employees, in an expansion of its "regional footprint".

Philip Stepp, group managing director at Newell Palmer, said the move is great news for the firm and its clients.

He said: "We have known Ascot Lloyd’s management for well over 18 months and I strongly believe that their commitment to IFA and brand strength make it a perfect home for us.

"We will look to continue our track-record of growth and client excellence."

Nigel Stockton, chief executive at Ascot Lloyd, said the deal is an important acquisition for the group, adding an "outstanding business of significant scale".  

He said: "The deal also showcases the strength of Ascot Lloyd as one of the few IFA companies with proven capability in purchasing and integrating a business of Newell Palmer’s size.

"This is the third year running, following EFG, Pantheon and the Bellpenny merger, in which we have completed a major acquisition and this will continue to be part of our strategy."

Ascot Lloyd and Bellpenny merged in July 2017, rebranding the following year to drop 'Bellpenny' from the company's name and becoming one of the largest independently-owned wealth management businesses in the UK.

Mr Stockton added: "Newell Palmer’s regional presence, combined with our existing offices, will make us a powerful player in the West Midlands.

"Having spent a significant part of my career managing businesses based here, I am delighted that we have built such a deep offering in the region."

rachel.addison@ft.com