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Destini buys up 17th firm

Destini has bought its 17th IFA business, Bowerford Financial Management.

Its latest deal increases the group&#39s RIs to 94. Stockport-based Bowerford has three RIs and most of its £200,000 turn-over comes from life and pension business.

The firm is ideally placed for Destini, which intends to expand its businesses around the Manchester region and is looking to bolster its female RI presence in the North.

Destini funds acquisitions through a bank loan but says it has no intention of looking for product provider involvement to fund future buys, saying it wants to remain independent.

Chief executive Barry Parsons says: “This firm represents a good opportunity to build. We have got a huge pipeline of businesses to look at but are only interested in buying top quality businesses.”

Bowerford Financial Management managing director Richard Seth says: “The Destini deal is a completely different option to joining a network. We like the idea of belonging to a brand and we believe everyone will be looking at increasing size.”

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