Pearson Jones completes North East deal

YORKSHIRE company Pearson Jones has acquired one of the North East’s biggest wealth management businesses.

Pace Financial Solutions, based in Bishop Auckland, County Durham, has been bought by Leeds-based Pearson Jones.

The initial acquisition, for an undisclosed sum, started in 2007 and has seen Pace Financial Solutions, which was founded by senior consultant, Peter Schofield, and has 12 staff and a £1.25m turnover, become a northern office for Pearson Jones.
 
Wealth management business Pearson Jones, which has 105 staff including 43 advisers, a £7.1m turnover and additional offices in York and Sheffield, advises more than 2,000 private clients and 500 businesses with total funds under management of more than £1bn.

Pace Financial Solutions senior consultant, Mr Schofield, 55, who will stay with Pearson Jones, said: “This is an excellent move for Pace Financial Solutions and its clients which will have significant benefits for both through being part of a bigger team with a wider range of expertise.

“We are proud of what we have achieved with Pace Financial Solutions during the last 24 years but believe that being part of a first-rate business like Pearson Jones Plc will help us to move up to the next level. This is good news for us and for people seeking expert wealth management advice throughout the North East.”

Pearson Jones director, Paul Scott, who leads the firm’s pension and employee benefits Division and who will be part-based at Bishop Auckland, said: “Acquiring Pace Financial Solutions gives Pearson Jones Plc an important foothold in the North East through a well-respected business with a first-class reputation.
 
“We believe that there is significant potential for extending top-flight independent financial advice throughout the North East and look forward to realising this following the completion of this acquisition.”