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Investment IFA takes Aim with expansion bid

Major Leeds investment IFA Bates Investment Services is aiming to float on the Alternative Investment Market when it completes a planned expansion.

Chairman Graham Bates says he will move towards a listing for the firm he founded in 1993 as soon as his ambitious plans, which include doubling the number of RIs to 80 by late next year, have gone through.

The company has 30,000 clients and an annual turnover of more than £6m. It is spending a six-figure sum to rebrand in the autumn.

Bates says the decision to wait until next year to float stems from his belief that the business must grow further. He claims that adviser Deloitte & Touche says it could see a listing at any time.

He is keen for the company to expand although he says he will take his time recruiting as he only wants experienced investment specialist IFAs. Twenty RIs will be taken on this year, with another 20 by the time of flotation.

Bates has appointed Deep Blue Financial associate director Kerry Nelson to the communications team and Barnett Waddingham retirement specialist James Jones-Tinsley as head of pensions.

Nelson, who starts next week, has the task of raising the firm&#39s profile while Jones-Tinsley will spearhead its push into the annuity market.

Bates says: “We are a quality player, looking for quality individuals. The decision to move towards a flotation will help attract highly regarded RIs and will provide a means of rewarding our existing team.”


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In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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