Skipton invests in IFA

SKIPTON Building Society has acquired an 86% shareholding in an independent financial adviser.

The stake in Torquil Clark Holdings was made through Skipton's subsidiary, Skipton Group Holdings.

Torquil Clark, which operates from offices in the Lake District and Wolverhampton, had gross assets of £12m as at July 31 last year.

The IFA was established 19 years ago and offers personal finance planning for private and corporate clients. It has £610m of funds under management, and 120 staff, including 17 advisers.

David Cutter, group corporate development director at Skipton Group, said: “Financial advice has always played a big part in the Skipton Group's service offering and so the benefits of Torquil Clark joining us are obvious.

“The company has an excellent reputation, matching that of our existing companies, Skipton Financial Services, Pearson Jones and Parnell Fisher Child.

“There is great potential for growth within the company and Torquil Clark is an excellent fit within the group and provides an opportunity to enhance the services we offer to others in the financial sector.”