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Bankhall £750k backing to fund CPG RI buys

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.”


CML dinner is a drum do

The Council of Mortgage Lenders certainly knows how to drum up support. The Diary hears that chief executives of all the major UK lenders joined in the latest corporate bonding event with a will at the CML&#39s annual dinner. Chief execs were handed a length of piping and a drumstick and asked to join in […]

Sofa to seek new MD as Lawless moves on

Sofa managing director Brian Lawless is leaving at the end of February after nearly two years in the role. He is moving to Exeter and felt he would be unable to continue with his present level of commitment to Sofa. He will be taking up a part-time appointment with Jelf IFM Financial Planning in Bristol. […]

Head of fund groups summoned to FSA meeting

The chief executives of leading fund groups have been summoned to a meeting with the FSA amid fears that the problems plaguing the US market have spread to the UK. FSA chairman Callum McCarthy is concerned that some fund managers have been the unwitting victims of late trading and market timing, which have been the […]

Treasury delays stakeholder cap decision

The Treasury has delayed its decision on the proposed price cap for stakeholder products after FSA research has revealed that more work was needed on proposals for a simplified sales regime. The Government says it will not make a decision on the cap until next year to ensure that the sales regime and product design […]


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