Perspective continues expansion with 18th deal

PERSPECTIVE Financial Group, the Wilmslow business that is consolidating independent financial advice (IFA) practices, has made its 18th acquisition.

It has bought Applewood Wealth Management, based in Oswestry and Chester, for an undisclosed sum.

The firm, which has 16 staff, was established in 1992 and is run and owned by managing director Karl Hartey and director, Gillian Cowling.

Perspective said Applewood has an annual turnover of £1.7m, with funds under management of £90m and recurring income of £800,000. It has 650 clients on its books.

The deal has pushed Perspective’s annual turnover to £16m. Funds under management stand at £1.3bn and it has recurring income of £8m.

Managing director Damian Keeling said: “It adds considerably to our group turnover, funds under advisory and management, while boosting our overall recurring income. The management team at Applewood has already built a profitable operation and a strong client bank within the Shropshire and Cheshire area and we believe the firm will be able to continue its growth and development with the help of the Perspective offering.

“It should now be clear to everyone within the IFA sector and beyond that we are building a substantial IFA group proposition at Perspective and our ambitions in no way begin and end here. We fully expect to complete on at least a further two acquisitions before the end of 2010 and our purchase pipeline is substantial for at least the next six months.”
 
Mr Hartey said: “Applewood will continue to service our substantial client bank and, with the support of Perspective, we are looking at growing our operation and increasing our profitability in the months and years ahead.  We are confident that this move is not only beneficial to us but is also to the benefit of our clients.”