South coast-based IFA bought for £1.6m

South coast-based IFA bought for £1.6m

Harwood Wealth Management Group has bought the trade of Somerset and Dorset-based IFA Castleton Financial Planning.

The purchase price is expected to be about £1.6m with half of that paid on completion, which is expected to be in April 2019.

A further two instalments are set to be paid (£400,000 each) on the first and second anniversaries of completion, contingent upon how well the business is doing.

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Peter Mann, chairman of Harwood Wealth Management Group, said: "The acquisition of Castleton is our second this financial year, and in line with our strategy has a strong cultural fit to the group.

"It is very pleasing to have started 2019 with the purchase of two quality businesses, and we continue to see a healthy pipeline of opportunities available to us."

Harwood acquired nine advice businesses in the year to October 2018 for a total of  £10.7m.

The firm stated it has set aside £4.2m for more purchases in the coming year and was willing to take on debt if needed.