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German firm buys Thomson&#39s for £32m

National IFA Thomson&#39s has been acquired by German financial services group AWD for £32m to create what is claimed to be Europe&#39s biggest IFA.

With 140 advisers in 21 offices, including its London headquarters, and revenue of around £20m this year, Thomson&#39s says it is currently one of the top 10 IFAs in the UK providing corporate and private client advice.

Following its acquisition, Thomson&#39s aims to be in the top three within four to five years by increasing its annual turnover to £50m and more than doubling its number of advisers to 300.

This is AWD&#39s first venture into the UK and is an extension of its European growth strategy. It has 867 advisers in 49 offices in Switzerland and Austria as well as 2,088 advisers in 249 offices in Germany.

Thomson&#39s will keep its brand name and use AWD&#39s financial backing to grow both organically and by acquisition. It says it is in discussion with IFA firms and hopes to announce deals in the new year.

Thomson&#39s chief executive officer Douglas Gardner says: “We would like to acquire likeminded companies, provided they have a commitment to growth. We have no preference about size and location but are looking for firms with a corporate side to their business.”

AWD chairman Carsten Mashmeyer says: “With the UK, we deliberately selected the most developed financial services market in Europe.”

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