Financial advisory firm snapped up in £1m deal

A NORTH WEST firm has expanded its wealth management division after snapping up Yorkshire company Jacobs Financial Group.

Bolton-based Cowgill Holloway’s wealth management arm, Regency House Wealth Management, has snapped-up Ilkley-based Jacobs Financial Group for around £1m. The deal has received approval from the regulator, the FCA.

JFGL’s subsidiary, Jacobs Financial, is a Chartered Financial Planner firm and IFA with in excess of £50m of client funds under advice.

Regency House will help JFGL grow its business by expanding wealth management and group risk client work. Jacobs Financial will complement Cowgill Holloway’s existing wealth management and employee benefits business.

Chris Harrington, director of Regency House said: “The acquisition is part of our strategy to expand and invest into our wealth management and employee benefits business, which continues to grow very successfully. The combined group will hold in excess of £180m funds under advice with fee income in excess of £2m and targeted to grow to £300m and £3m respectively by 2018.

“It will advise in excess of 500 active private clients and over 100 businesses.”

Mr Harrington said the enlarged business would “represent a significant force in financial services, business advisory and wealth management” across the north.

Phil Jacobs, who co-owned JFGL with his wife, Jean, and will remain as managing director says: “I look forward to this next phase of our development and our team is excited to be joining forces with its counterpart at Cowgill Holloway.

“This deal enables me to enjoy a capital event now whilst remaining very active in the business. It secures the future of the business for its clients and key staff from our existing location.

“I am confident the integration to Regency House will be smooth as we have similar systems and a shared business philosophy.”

Regency House were advised by Jon Davage at Blaw firm Bermans and JFGL by Susan Clark at LCF Law.