Belfast adviser network spends £1.5mn on five Scottish deals

Belfast adviser network spends £1.5mn on five Scottish deals
Milecross chief executive, Paul Dalzell

Milecross Financial Solutions has spent £1.5mn on three acquisitions and two mergers as it firms up its presence across Scotland.

The three advice firms acquired by the Belfast adviser network include Lanarkshire-based Cliftonhill Financial Services, Edinburgh-based Lynn Hay Financial Services and Aberdeen-based WA Mackie & Co.

In Aberdeen, Milecross has also merged with Duncan Davidson Financial Services and Opus Financial Planning.

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Milecross operates as an appointed representative of The Openwork Partnership.

The network told FTAdviser all the deals completed in the past month.

Milecross also intends to double in size throughout the UK over the next five years, and is currently eyeing up more deals.

Milecross has grown to more than £300mn funds under management to date and oversees 30 offices and 100 advisers spread across Northern Ireland, Scotland and north west England.

Founded back in 2005 in County Down, the firm’s main offices now sit in Belfast and Glasgow.

Earlier this year, the network launched its offering in England, setting up another shopfront in Lancashire with the help of Yorkshire Building Society.

“We now have an even broader reach and range of services and support for clients across the region,” said Milecross chief executive, Paul Dalzell.

Milecross’ advisers cover mortgages, protection, investments, retirement and tax.

The firm’s regional manager in Scotland, Simon Gordon, added that all new firms will get access to its back-office services, including compliance and administrative support, “cost efficiencies” and IT support. 

“This is just the next step to wider expansion plans for Milecross, and we are excited to bring our skills and experience to the area through our unique business model which has helped us achieve great success in Northern Ireland,” said Gordon.