Perspective buys Durham IFA

PERSPECTIVE Financial Group has bought an Walter Wright Financial Services, an Independent Financial Advisor (IFA) business based in Durham.

Walter Wright was set up in March 2002 and was run by managing director, Rob Vallily. It will now become part of Perspective’s Newcastle-upon-Tyne office, run by previously-acquired Rutherford Wilkinson. Mr Vallily will work with Rutherford Wilkinson’s managment for a brief handover period before retiring.

Wilmslow-based Perspective Financial is a consolidation vehicle for IFAs and Walter Wright is the 24th practice that has been snapped up since it began trading in April 2008.

It will contribute turnover of £190k, EBITDA of £90k and funds under management of £48m to Perspective’s own figures.

Damian Keeling, managing director of Perspective Financial Group Ltd, said: “The acquisition of Walter Wright Financial Services is slightly different to the majority of purchases we make as a Group given the firm will immediately become part of our Newcastle office.  

“This is due to a number of factors including its size, the proximity of the firms and the fact that MD, Rob Vallily, will be retiring from the business soon after completion.  

“Normally, directors at our acquisitions commit to the two-year earn-out period and the firms continue to run as separate operations within the wider group structure.  This was not appropriate in this purchase and instead we are pleased to integrate Walter Wright into Rutherford Wilkinson, one of the most respected IFA operations in the North East.”  

He added: “This does not end our acquisitions for 2011 and we expect to complete on several further purchases before the end of the year.”