Loyal North has bought financial planning firm Sovereign Financial Services, boosting the company’s existing presence in Scotland.
Sovereign Financial Services is based in Galashiels in the Scottish Borders and will join Loyal North’s regional hub, Lowland Financial Planning.
As part of the deal, Sovereign principal, John Kennedy, will join Lowland as a senior financial planner in order to oversee the transition of clients before retiring.
The acquisition will bring a total of £60mn worth of clients to the group.
Kennedy said: “Our business has prided itself on providing excellent financial planning, putting our clients at the heart of what we do.
“That is why the team at Lowland, and the personalised and local approach of Loyal North made them the perfect choice for the future of our clients.”
Lowland Financial managing director, David Nichol said that Kennedy has built an “excellent business” and indicated it will be a “privilege” for Lowland to have the responsibility for looking after the financial planning needs of his clients once he retires.
Meanwhile, Loyal North group acquisition director, Debbie Dry, said: “It was important that John found the best home for his clients and with an existing firm in the same area, we believed that we were the perfect fit.
“This is another great acquisition for us and we welcome John, his great team and their clients to Lowland and the Loyal North family.”
Loyal North now manages over £1.8bn in client wealth nationality and has a strong acquisition pipeline which will ensure that it reaches its short term goal of reaching £2bn in managed client wealth.
tom.dunstan@ft.com
