Perspective buys NE firm

PERSPECTIVE Financial Group has bought Gateshead-based IFA practice Vivienne Shepherd, which it will integrate into its Newcastle-upon-Tyne business, Rutherford Wilkinson.

Perspective is a Wilmslow-based consolidation vehicle for IFAs which now has assets of over £2bn under management and an annualised turnover of £23m delivered through 20 offices.

One member of staff, Owen McDowell, from Vivienne Shepherd will be joining Rutherford Wilkinson as part of the deal to ensure ongoing continuity for clients.  Owner-manager Vivienne Shepherd will de-authorise but will remain involved in introducing clients with assets under management totalling over £22m to Rutherford Wilkinson over the next 12 months.

Perspective Finanfial’s managing director, Damian Keeling, said: “The purchase of Vivienne Shepherd kicks off our acquisition activity for 2012.  

“The Rutherford Wilkinson team in Newcastle has already successfully integrated other practices into their office with the recent acquisition of Walter Wright Financial Services.

“Part of the Vivienne Shepherd deal is the transfer of Owen McDowell to Rutherford Wilkinson which ensures ongoing continuity for its clients.  

“Most of our acquisitions involve the IFA practice continuing to operate as normal however in this circumstance it made more sense for the firm to be integrated into our Newcastle hub.

“This is due to the de-authorisation of Vivienne, the size of the practice and the proximity of the two businesses.”

The firm worked on the purchase of the practice with IFA sale advisors Brokers4Sale.

Mr Keeling said: “We were delighted to work particularly closely with Gary Medcraff at Brokers4sale on putting this deal together. We anticipate a number of acquisitions will take place throughout the year and we will be utilising our recently-announced refinance facility of £3.5 million from Lloyds Banking Group in order to fund further activity.”