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First buy as Berkeley Berry Birch seeks small IFA firms

IFA group Berkeley Berry Birch has bought former DBS member firm Professional Financial Solutions for £1,528,875 in cash and shares.

It says the acquisition is the first in a series of small IFA purchases as part of its latest expansion strategy.

PFS has a turnover of £1.5m and has offices in Huddersfield and Camberley. The firm&#39s 17 registered individuals will now join BBB.

BBB says it is looking to make a series of purchases of firms of this type this year after raising £20m in capital last October to fund acquisitions.

It is also continuing with plans to self-insure for professional indemnity cover after being given the go-ahead from its board members.

The firm believes that bringing control of professional indemnity insurance in house would be a big attraction for its members.

BBB group deputy chief executive Stephen Ingledew says: “Geographically, there are some areas where we are stronger than others so I think this purchase will be a very good match.”

BBB group chief executive Clifford Lockyer says: “The acquisition of PFS demonstrates our strategy of capitalising on the structural changes currently affecting regional and national IFA firms.”

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