Consolidator One Four Nine has bought its sixth IFA and signed another credit deal for further acquisitions.
Nottingham-based advice firm HFL Financial Advisers is One Four Nine's latest purchase, taking the group’s assets over the £1bn mark after it launched this time last year.
It sees the firm expand its client footprint in the East Midlands, take employee count to 80, and grow its client book to 3,000.
At the same time, One Four Nine has entered into a long-term financing arrangement with credit-focused investor Cordet Capital Partners.
This financing, the amount of which was not disclosed, adds to that provided by its equity partner Copper Street Capital.
“[It] ensures One Four Nine is in a strong position to avail of further acquisition opportunities,” the firm said.
The group's latest acquisition, HFL, was founded in 2013 and advises on pensions, investments, mortgages and protection.
One Four Nine’s chief executive, Matthew Bugden said he has known “personally” the senior team at HFL for “many years”.
Prior to HFL, One Four Nine bought Aberdeen-based financial adviser Russell Gibson Financial Management in August. This deal brought the firm’s asset total to £800mn, suggesting HFL has brought in around a further £200mn.
One Four Nine’s managing director, Gabrielle Beaumont, said the acquisition of HFL “marks a significant moment” in the evolution of her business.
“[It] com[es] within one year of the group’s launch and brings us to a milestone £1bn of client assets – a target our team has worked exceptionally hard to achieve,” said Beaumont.
“With an expanding team across Scotland, the East Midlands, the North and the South-East, we have carefully grown our senior leadership capability and built the foundation needed to integrate new and existing team members.”
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