Chase De Vere  

Chase de Vere on acquisition trail as profits jump

Chase de Vere on acquisition trail as profits jump
Stephen Kavanagh, chief executive of Chase de Vere

Chase de Vere has reported a 23 per cent increase in profits for last year as the national IFA confirmed it was "actively looking" to acquire advice firms. 

In its financial results for 2019, published today (June 26), the advice firm revealed a record set of figures which saw its pre-tax profits jump from £10.6m in 2018 to £13.1m last year.

Turnover at Chase de Vere increased throughout 2019, from £68.5m to £72.5m, and its advice revenues grew by 3 per cent from £66.6m in 2018 to £68.8m last year. 

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Stephen Kavanagh, chief executive at Chase de Vere, said the company was on the acquisition trail despite having to revise its financial forecasts for 2020 as a result of the coronavirus pandemic. 

Mr Kavanagh said: "We are actively looking for other like-minded adviser firms to join us; firms that are focused on providing exceptional client service and are committed to offering truly independent financial advice."

In today's results Chase de Vere revealed it had bought advice firm Ferguson Oliver Limited in October last year, in a deal worth almost £4m and which added assets under advice of £180m to the company. 

Chase de Vere also said its financial strength meant it did not have to furlough any employees during the coronavirus lockdown. 

The advice boss added: "The coronavirus has overshadowed businesses in 2020 and we have revised our forecasts accordingly. During this time our sole focus has been on the welfare of our employees and speaking with our clients.

"I am incredibly proud of how well our employees have adapted to remote working and how they have continued to provide an exceptional service to our clients throughout these challenging times."

In September 2019 Chase de Vere paid a final dividend of £5.50m to parent company Swiss Life and another dividend of a currently unconfirmed amount is set to be paid this month.

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