IFA consolidator Destini is buying the core infrastructure of stricken IFA and non-reg network Lifeboat in a deal that will see outstanding pipeline commission paid in full.
Around 100 RIs will join Destini and between 300 and 400 full time Lifeboat mortgage and protection brokers will move across to form the basis of Destini's multi-tie offering which will launch in September.
Destini was introduced to the deal by its banker Bank of Scotland, which is also the banker of Lifeboat. The deal - for an undisclosed fee - follows a week of on/off negotiations that has also seen Tenet, Lighthouse and Sesame all looking at buying Lifeboat.
Destini director of communications Fiona Price says: “This deal will add around £10m in turnover to Destini's operations, which we expect to grow to £30m by the end of 2004 once other acquisitions currently in the pipeline are completed.”