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Birchin in moves to buy up big IFA or network

Aim-listed financial services investment group Birchin International is in negotiations to buy a national IFA or network in a bid to become a major player in the market.

Birchin, which is valued at £17m, announced last week that its target was an unquoted company of such a size that the acquisition would amount to a reverse takeover. The company says it intends to buy other IFAs after this deal.

The company, which holds a 30 per cent stake in IFA website provider My Money Adviser, suspended trading in its shares on Friday.

The company is also in talks on offloading its investment research subsidiary Global Risk Management Services in a management buyout for £1.1m.

Birchin refused to reveal the identity of its target but the acquisition would be likely to be integrated into its Birchin Wealth Management subsidiary.

Birchin says it is planning to make further acquisitions beyond this deal.

Chief executive Rick Abbot says: “We intend to bring a robust business model to the IFA sector that no one else can so that we can provide the public with services in a way they have not received them in the past.”

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