Bright adds three firms
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IFA consolidator Bright Financial Services has bought three IFA firms, bringing its total number of acquisitions to 29.
The latest acquisitions include Burnley IFA Boway Financial Solutions, Cumbria IFA Ulverston Financial Services, and Pecunia (Yorkshire) Ltd.
Bright was set up as an IFA consolidator in 2003 by directors Ian Craddock and Mike Gillibrand.
The company says it has a number of potential acquisitions lined up and hopes to agree another six deals by the end of the year.
Over half of Bright’s income is based on renewal commission. It has added £200,000 of new renewal income through acquisitions so far this year and currently holds £250m in funds under management.
IFA services provider threesixty took a minority stake in Bright in April 2009.
Bright director Ian Craddock says: “From our discussions with IFAs, it is clear that many are now starting to put in place their strategies for the retail distribution review. For those who want to retire and sell their businesses, it is undoubtedly good business sense to start planning their retirement and not to get caught in a last-minute forced sale. Bright offers a well funded and reliable exit strategy for IFAs wanting to retire before the RDR.”
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