View more on these topics

BBB buys Weston Financial in deal set to cost £11.5m

Berkeley Berry Birch is acquiring Midlands IFA Weston Financial Group for an initial fee of £1.85m.

The acquisition, which includes £1.25m in cash and £600,000 in shares, is the latest in the group&#39s £20m consolidation plan announced in September.

Weston was established in 1961 and has 63 advisers in eight offices around the country. In the 12 months to June, Weston had a turnover of £6.2m and £257,351 operating profit.

Further payments of up to £9.65m are dependent on the performance of the firm over the next two years, with total payments in the deal not exceeding £11.5m.

The group selected Weston for its size and quality of management. The firm is rated in the top 40 IFAs which BBB believes provides the company with an important critical mass.

BBB says Weston&#39s management team impressed it with its strategic outlook and business model, which aims to build a company that is not simply centred on maximising revenue.

Berkeley Berry Birch chief executive Cliff Lockyer says: “The acquisition demonstrates that we will be a significant consolidator within the IFA sector. We promised in September we would make an important acquisition before the year end and we have delivered on this promise.”


Christmas will be paid from savings not credit

More parents will use their savings than credit to pay for Christmas, according to a survey by Leeds & Holbeck Building Society. And a third of parents will shell out more than £200 on their children, with parents in Scotland the most generous in the country. A third of the sample over the age of […]

Pink Home Loans appoints new head of operations

Mortgage distribution and packaging company Pink Home Loans, a subsidiary of Skipton Building Society, has appointed Dev Malle, 34, as its new head of operations.Malle joins from UCB Homeloans and prior to that he had held various management positions with its parent company Nationwide Building Society. Malle is aiming to improve service levels to ensure […]

Bankhall seeks to grow in deal with Exchange

Bankhall and The Exchange have signed a partnership deal that will see the latter&#39s Exweb portal white-labelled as IFAengine for Bankhall members while Exchange users will be targeted with Bankhall services.IFAengine users will get Exweb&#39s comparative quotation and electronic new business services as the portal moves towards electronic commission and compliance systems. Bankhall members will […]

ABI urges fundamental pension reform

The ABI has urged the government to make lasting changes to the pensions landscape in the green paper, due to be unveiled tomorrow.The association has developed five tests which the industry will use to judge the green paper based on: provision for the self-employed, flexibility, simplicity and choice, incentives, simplification of the tax regime and […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm