Perspective buys ninth firm
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IFA consolidator Perspective Financial Group has bought its ninth firm, Chelmsford company Chambers and Co.
Chambers is an IFA firm with an annual turnover of £400,000 and funds under management of about £20m.
The firm was founded in 1990 by husband and wife team Alan and Nicolette Chambers and specialises in long-term care planning.
Perspective says the acquisition will bring its annual turnover to £9.5m and funds under advice and management to over £500m, with a recurring income of £4.8m. Perspective says it has annualised earnings before interest, tax, depreciation and amortisation at operating level of over £3m.
As with all Perspective acquisitions, Chambers will continue to trade under its current name, with the existing management team in place.
The deal comes after Perspective secured a refinancing package with Lloyds TSB Corporate Markets, boosting its war chest to £12.5m.
Perspective says it plans to make a further three or four acquisitions by the end of the year.
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