Perspective adds another pair

PERSPECTIVE Financial Group has announced two new deals taking the total number of firms acquired since its formation three years ago to 22.

The Wilmslow-based consolidation vehicle for independent financial advisors (IFAs), has bought Chorley-based Shirebrook Wealth Management and Austin James Consulting of Beaconsfield in Buckinghamshire.

Shirebrook was set up in October 2000 and is run by managing director, Martin Sumner alongside fellow director Steven Moffat and company secretary Peter Palmer. They have now been joined on the board by Perspective directors Phil Carr and Anthony Morrow. It employs 13 staff (five of whom are registered IFAs and has an annual turnover of £1.2m.

Austyn James Consulting is  run by Austyn Smith. It began trading in September 1996 and also has a turnover of £1.2,m.

Perspective said the deals would increase its own annualised turnover to over £19 million and its ebitda to £6m.

Managing director Damian Keeling said: “The acquisition of Shirebrook and Austyn James takes the number of Perspective Group firms up to 22 and marks our first purchases of 2011.  

“Our main focus this year has been on supporting our firms, ensuring they are well down the road to RDR, and developing the range of opportunities we can offer to them.  

“At the same time, we are still actively looking to add new firms to the group and we anticipate another four or five purchases will be made during the course of the year. 

“We are not in the business of acquiring firms just for the sake of boosting numbers and any future purchases we make will be based on our model of bringing in quality, profitable, ‘new model’ firms that have strong recurring income and EBITDA levels.”

Perspective Financial Group was founded by the co-founder of Altrincham-based IFA Bankhall Financial Group, Paul Hogarth. It is majority-owned by Mosaic Private Equity, and earlier this year raised a further £10.6m to fund new deals. Mosaic put in £7.6m while Lloyds Banking Group provided a further £3.5m in debt facilities.