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Berkeley Morgan buys up Summit

Berkeley Morgan is buying rival IFA Summit Financial Holdings in a deal worth about £533,000, which will increase its RIs to 340 from 290, including mortgage advisers.

The two companies have worked closely together since October 2001 when Berkeley made an initial investment of £439,500 in Summit. The latest deal means Berkeley buys a further 74 per cent of Summit&#39s shares.

The deal also means Berkeley owns over 92 per cent of Summit&#39s total share capital.

Summit has recently struggled with significant overheads and a lack of investment in technology, which Berkeley aims to remedy by cutting the existing duplication in spending and offering improved management resources and financial stability.

Berkeley Morgan chairman Jon Pardoe says: “This is the first listed takeover in the industry and a sign of things to come. Listed IFAs like Millfield, Inter-Alliance and Lighthouse need to watch their backs and start delivering results for their shareholders or else they will become a target for takeovers.

“This is our fifth takeover in the past 15 months. We are looking to become number one in the next three years in terms of turnover and profit.”

Summit chairman David Jones says: “We have been constrained in our growth aspirations by significant overheads and limited capital for investment in technology and general development. Berkeley Morgan has the financial resources and specialist management to complement our existing infrastructure.”


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