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German IFA giant buys its way to top in UK

German financial advice giant AWD believes it can conquer the UK market with the acquisition of Carrington Carr to create the UK&#39s third-biggest IFA by turnover.

The deal, reported to be worth £32m, will see mortgage specialist Carrington Carr integrated into IFA Thomson, which was bought by AWD last November for £30m.

Thomson says AWD has funds for further acquisitions and believes it could become the UK&#39s biggest IFA in the next two years.

Leicester-based Carrington Carr was set up in 1987. Turnover was £20m last year with 10,000 clients.

The firm, which will keep its brand name, has 70 RIs averaging a turnover of £259,000 a year and a total staff of 270, including a call centre.

AWD, which is Germany&#39s second-biggest IFA, also bought Germany&#39s number three Tecis last month for £245m.

AWD spokesman Stefan Suska says: “UK IFAs are cheap to buy in comparison to German firms. The UK market is attractive because there are so many small IFAs with good opportunities to consolidate. Carrington Carr and Thomson are a good team that can conquer the English market.”

Thomson Group chief executive Douglas Gardner says: “We are committed to being a leading light in the UK advice sector as part of a strong Europe-wide firm. We are looking at acquiring both businesses and people in the future. We are committed to independence and will not be selling stakes to providers.”


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