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Consifa set for Aim market as part of acquisitions plan

IFA group Consifa is planning to list on the alternative investment market in the last quarter of this year after completing the first stage of an ambitious acquisitions programme.

The 25 RI firm is fundraising to generate £5m towards its first wave of its acquisitions.

It is aiming to close deals with six IFAs before September that will form the first part of its purchasing programme. The turnover size of target IFA acquisitions ranges between £5m and £500,000.

The group is initially looking for geographical spread by purchasing an IFA business in each region of the country.

The programme has been divided into “two waves” with the second intended to follow successful Aim listing. It says listing will allow it to access further cash and use its shares as tradeable security. Consifa is looking at businesses with strong turnover rather than number of RIs and has no plans initially to target “niche” IFA businesses.

The management team includes chairman Nick Warrell, managing director Clive Garnett, a former Grant Thornton equity partner, and operations director Colin Studd who was co-founder of John Charcol.

Consifa finance director Stephen Swan says: “Consifa is a consolidator and does not intend to rest on its laurels, if the market allows it obviously there could be a third or fourth wave of acquisitions once we have gone for listing.”

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