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Heath raising £25m to set up IFA consolidation firm

Former IFA Association director general Garry Heath is looking to raise £25m to fund a new IFA consolidation vehicle.

Financial Inspirations will target IFA firms turning over £1m-£10m with a net profit of 10 per cent of turnover to form a national IFA business in the UK, Ireland and, in time, Europe.

It will consider firms below this profit threshold, although it is unlikely to look at firms turning over less than £500,000.

Former Winterthur Life UK chief John Finan is chairman while Alistair Hollows is financial director. Heath says the firm is in talks with potential backers who are “normal commercial companies and private equity types”. He says: “The adviser firms we would most like are probably sitting on their hands for the next year or two hoping the market will improve and their multiples and profits will improve. We do not necessarily want to buy them all in an afternoon so we can get going in our own time and way.”

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