Beaufort Group is set to acquire five advice firms in the next 12 months as part of plans to double turnover to £4m this year.
The group’s plan is to attract four or five firms and it is currently “particularly close” to signing a deal with one firm, chief executive Andrew Bennett says.
He says: “We are planning to grow our business through the relationship with other IFA firms who have the right structure and size.”
Bennett refuses to disclose the name of the firm it is close to acquiring but says it manages £60m in assets and has a £1.2m turnover.
Beaufort Group’s turnover for the year ended 31 March 2014 was £1.93m, with a pre-tax profitsof £232,303.
Bennett says: “Our business may well double both in size and turnover in the next 12 months, particularly as it has grown steadily in its first three years, tripling its assets and will continue to do so.”
The group recently appointed Oliver Couchman from Sanlam UK as head of distribution to help the company in approaching firms, as well as promoting the business’ discretionary fund management service.