IFA Corporate Planning Group has negotiated a £750,000 loan from Bankhall Investment Associates to fund its expansion plans for 2004.
The Fareham-based company says it will use the cash injection to bring in more RIs and to develop the infrastructure of its existing business. It has deals set up to buy four teams of advisers next year.
The firm has joined Bankhall to access the loan, which is distributed from an initial £30m tranche that the group has borrowed from the Bank of Scotland.
IFA Cavanagh used a Bankhall loan in October to help fund its £3m acquisition of IFA Ernst & Young Financial Management, the Scottish IFA arm of the accountancy firm.
CPG managing director Chris Robinson says: “Our primary focus will be on acquiring small successful teams from within bigger advisory organisations. This only costs a small amount but frees people to focus on their own specialist areas.”
Bankhall group sales director Sean Godfrey says: “There are many opportunities for IFAs out there and in many ways these chances are only going to be around for a couple of years. What we are trying to do is plug this gap for IFAs.”