G+E takes over Leeds wealth manager

Garbutt + Elliott Wealth Management has completed the acquisition of Yorkshire wealth management firm HKA (FS) Ltd for an undisclosed sum.

Founded in 2003, HKA provides wealth management services and has over £250m of assets under advice, creating a combined position for G+E Wealth Management of circa £750m post acquisition.

The firm operates from offices in York and Leeds working with individuals and family businesses in Yorkshire and across the UK.

All staff will remain in the business with seven financial planners moving across to strengthen the G+E Wealth Management team, bringing the total number of financial planners to 20.

HKA’s director David Booth has successfully grown the business since inception and will remain with the firm, joining the G+E Wealth Management Board.

The acquisition was supported by alternative finance provider to mid-sized SMEs, ThinCats, led by Ben Kimball and the Garbutt + Elliot corporate finance team led by Tony Farmer. Law firm Clarion acted for ThinCats.

Rob Simpson, managing director, G+E Wealth Management, said: “We are delighted to complete the acquisition of HKA which makes us one of the largest privately owned advice firms in the region.

“It will be business as usual for both of our clients at HKA and G+E Wealth Management who will benefit greatly from the combined expertise and knowledge of our teams and provide access to Garbutt + Elliott’s wider accountancy services.

“HKA is an impressive firm with an excellent reputation and I’m looking forward to welcoming David and his team to the group.”

Booth added: “This is an incredibly positive and exciting step for everyone associated with HKA, especially our clients and employees.

“G+E Wealth Management share our core values and client centred ethos, and we are thrilled to become part of the Garbutt + Elliott group.

“Our clients will continue to experience a seamless and bespoke service from our Financial Planners.

“Combining our strengths will allow both our clients and employees to benefit from the considerable additional resources and enhanced support available as part of the Garbutt + Elliott group.

“We are looking forward to being part of their continued growth journey to be the best regional financial services team.”

Russell Turner, managing partner at Garbutt + Elliott, said: “We are delighted to welcome David and his team.

“David has successfully grown his business from a standing start and there are compelling synergies between both businesses in terms of our values, cultural fit and genuinely caring for clients.

“Having the HKA team on board is an important strategic step for Garbutt + Elliott, driving growth and ensuring our excellent reputation goes from strength to strength.

“I’m looking forward to working with David and the exciting opportunities we can create in the future.”

Blacks Solicitors advised the shareholders at HKA on their exit and implementing their growth strategy.

Dave Paterson, corporate partner at Blacks Solicitors, who led the team said: “Blacks have acted for HKA for several years and helped the company and its shareholders implement and achieve their growth strategy over that time, and we were delighted to have advised the shareholders of HKA on their exit to G&E Wealth.

“It was a pleasure working with David Booth over the years and we wish him all the best for the future as he and HKA become part of the G&E Wealth team. Alex Hall from the Blacks’ team led the sell-side transaction.”