Destini has made its fourteenth purchase this year with a deal to buy Bloomsbury Financial Planning.
London IFA Bloomsbury is run by Sofa director Jason Butler and Campbell Edgar and has six RIs, with four being qualified financial planners.
The fee-based company specialises in advising clients with assets of more than £1m. Bloomsbury managing director Butler says part of the benefit of the deal will be the referral system that operates within the Destini group.
Destini now has a total of 81 RIs and is on target to achieve £15m turnover by the end of the year. It owns IFAs Southwood, Applewood Associates and Bervale Mead and recently acquired Fiona Price & Partners. It expects to acquire six more IFA firms in the first quarter of 2004 and then intends to raise its profile across the sector by increasing its marketing and advertising.
Destini group chairman and chief executive Barry Parsons says:
“Bloomsbury has a superb reputation, operating at the top end of the advice market, and this is what attracted us to them and the business model they have developed for fees. We will be able to use their expertise across the group.”
Butler says: “Destini is an innovative and fast-growing company that offers Bloomsbury many opportunities to build value from our
fee-based business model within the group.”