Aim-listed advice and investment firm Harwood Wealth Management has continued its run of acquisitions with a deal to buy an Ascot-based retirement advice specialist.
Harwood has acquired the assets of Plan65 for up to £1.56m depending on performance, with an initial payment of £810,000 coming out of Harwood’s existing cash reserve and the rest of the payments due in two instalments over the next two years.
Plan65 has assets under influence of £42m, and the two founders, Keith Turner and Doug Rae, both plan to retire once the deal is complete.
Harwood plans to bring Plan65 into its Compass Wealth Management Consultants subsidiary, which offers advice and investment management for both private and corporate clients.
Harwood chairman Peter Mann says: “In line with our strategy to acquire IFA firms which share our values and culture, we are very pleased to have completed the asset acquisition from P65. Since its inception in 2011, Keith and Doug have built a successful business and we wish them well for their future. We look forward to continuing to provide P65’s clients with continued expert advice and exceptional service.”