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Bellpenny buys Torquil Clark from Skipton BS

IFA consolidator Bellpenny has acquired Torquil Clark, including D2C firm TQ Invest, from Skipton Building Society for an undisclosed amount.

The firm, which has offices in Wolverhampton and Carnforth, brings a total of £900m in assets under management.

It is the largest of Bellpenny’s 21 acquisitions since it was set-up with backing from Oaktree Capital in 2012. 

All of Torquil Clark’s 16 advisers and 50 support staff will join Bellpenny, with both the D2C and advice arms being rebranded. 

Bellpenny chief executive Kevin Ronaldson says: “Torquil Clark has become a true heavyweight of the UK financial planning scene over the last 25 years. It is a reflection of how far Bellpenny has come that we’re already in a position to be making acquisitions on this scale.

“This acquisition will be especially important for us because it incorporates a substantial, execution-only business in the form of TQ Invest. Having a direct operation alongside comprehensive wealth management and employee benefits offerings will vastly extend Bellpenny’s market reach and appeal, by enabling us to deal with clients in whatever way best suits their personal needs.

“Crucially, it will also mean we’re ideally positioned to meet the expectations of the next generation of investors for whom the ability to transact when, where and how they wish is viewed as a given.”

Torquil Clark managing director John Chapman will stay on to oversee the D2C business.

He says: “With its strong financial backing, clear vision and relentlessly customer-focussed approach, I fully expect Bellpenny to be one of the dominant players on the UK financial planning scene over the coming years. Torquil Clark clients and staff can look forward to a very bright future within the Bellpenny fold.”

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