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Harwood acquires second advice firm for 2019

Advice firm consolidator Harwood has acquired Somerset-based IFA Castleton Financial Planning for £1.6m.

The purchase price is payable at 50 per cent on completion which is expected to be in April.

A further two instalments of 25 per cent each will be paid 12 months and 24 months after the completion date of the Castleton deal dependent on results.

Chair Peter Mann says: “This acquisition is our second for the year and in line with our strategy, has a strong cultural fit to the group. It’s pleasing to have started 2019 with the purchase of two quality businesses.”

There is also a “healthy pipeline” of acquisition opportunities ahead, Mann adds.

Harwood recently reported revenue growth of 26 per cent in its results for the year to 31 October 2018.

Assets under management at the same date were £1.7bn up 42 per cent from October 2017.

Harwood had £4.2m in cash available for acquisitions at the time of the results.

The consolidator completed nine acquisitions for a total of £10.9m between October 2017 and April last year.

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