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Helm Godfrey in talks to buy firms as profits tumble

Helm Godfrey’s profits fell by 34 per cent from £507,000 to £335,000 for the first half of this year and it says it is in acquisition talks with three adviser firms.

But managing director Bruce Wilson remains encouraged by the company’s performance in light of the economic climate.

He says: “The first six months of last year were really boosted by the pension business, with a lot of people putting the maximum amount into their Sipps.

“That did not happen in the second half of the year and has not happened to anywhere near the same extent this year.”

Wilson says pensions will continue to be the main driver for Helm Godfrey but there will be a greater focus on other specialisms such as inheritance tax. He says the company is in discussions about buying three firms, with around £2.2m available to spend but he says: “IFAs are quite expensive at the moment and we have turned ourselves down from some of the businesses because we are not prepared to pay the price they are asking for at the moment. I think there will be bargains to be had but it is not happening yet.”

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