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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.”

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