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Bellpenny completes 10th acquisition with Glasgow buy


IFA consolidation vehicle Bellpenny has completed the acquisition of the client bank of Glasgow-based IFA firm KM Financial.

KMF has around £48m funds under advice and around 250 active clients. The deal marks Bellpenny’s tenth acquisition since its inception in July last year.

In May, Bellpenny completed its biggest acquisition to date with the purchase of Cheltenham-based financial planning firm The County Partnership.

Since the start of the year the company has also acquired Price Bailey Financial Planning, Foot Davson and the IFA arm of Monmouthshire Building Society.

Bellpenny chief executive Kevin Ronaldson says: ”Purchase of KMF means that Bellpenny now has a presence in Scotland, England and Wales. The deal establishes a platform for further expansion in Scotland and northern England, and is another important step on our journey to become a truly UK-wide financial planning operation.”

KMF director Gordon Bannerman says: “We have been courted by a number of prospective acquirers both leading up to, and since, the introduction of The RDR.”

Consilium Financial Planning managing director Kevin Morgan says: “Regulation and compliance issues are driving people to look to have their business acquired and when you look at things like this happening it seems that trend is set to continue.”

Bellpenny now has 30 advisers and around £900m assets under advice.


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