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Birchin poised to buy national IFA Park Row

National IFA Park Row is set to be snapped up by financial services group Birchin International in a reverse takeover, creating a firm worth £30m.

Aim-listed Birchin, valued at £17m, says the new group will be called Park Row plc and will aim to double its RIs to 400 in the next 12-18 months and generate a annual turnover of £50m by 2006.

Park Row says if the proposals in CP121 are implemented, it intends to have a feecharging IFA division, a whole market authorised financial adviser division and a mortgage broking operation.

Park Row was set up in 1998 by Tim Newman with 18 advisers. The Leeds firm currently has a turnover of £12m and about 25,000 clients.

The new group will be led by the Birchin management team of chairman Colyn Gardner, chief executive Rick Abbott and finance director Richard Lassen. Park Row&#39s management team will join the board, with Newman responsible for branch operations.

Birchin has a 30 per cent stake in IFA website provider Mymoneyadviser.com and owns Birchin Wealth Management which is targeted at the higher-net-worth advice market. BWM will still operate under its current brand.

The Park Row acquisition, due to be completed in the next few weeks, is part of Birchin&#39s aim to transform itself from a venture capitalist to a revenuegenerating advice group.

Gardner says: “We expect to grow organically and through further acquisition to be a top five independent player. As a quoted company, we hope to attract IFA firms looking to join bigger players.”

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