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Destini buys up fourth company

National IFA Destini has made a fourth buy which it says keeps it on

track to become a top 15 IFA within two years.

It latest acquisition is NorthEast-based firm Southwood which has five RIs.

The company will join Graham Scott Financial Planning Consultants,

Blackfriars and Private Medical Direct in the group, bringing

Destini&#39s total RIs to 20.

Destini says it is aiming to achieve turnover of £10m by the end

of the year. But since its November launch, it has scaled down its

acquisition plans from 50 to 20 firms. It says a further three

companies are at a contractual stage in negotiations.

Destini is targeting small to medium-sized firms with a £100,000

per RI turnover. Southwood has a £700,000 annual turnover. The

group intends to build rapidly to 100 RIs to give it bargaining power

with providers, with a view to multi-tieing in the future.

Group chairman and chief executive Barry Parsons says: “I am

extremely pleased with how quickly the company has grown and that we

are attracting best of breed IFAs.”

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