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Lighthouse shareholders approve £46m sale to Quilter

Streatfield-Malcolm-2013-700x450.jpgLighthouse shareholders have approved Quilter’s £46m bid to buy the advice firm.

Of the 75 per cent of shareholders voting, 92.38 per cent voted in favour.

The result exceeded the majority of shareholder votes needed in order for the resolution to be passed and the deal to progress.

According to a Lighthouse notice to the stock market, the acquisition is still subject to terms of the deal being met and FCA approval.

Lighthouse has some 400 advisers. Quilter’s network Intrinsic already has 3,500 advisers, including 1,600 restricted financial planners, and it is the parent company of national firm Quilter Private Client Advisers.

Quilter’ advice business chief executive, Andy Thompson, says: “We are delighted to have completed this important stage in our journey to acquiring Lighthouse.

“As we engage more with Lighthouse’s staff and advisers we see the strong similarities between the two businesses. Following completion we will look to combine the expertise of both businesses to deliver trusted financial advice.”

Quilter to add 400 advisers with Lighthouse acquisition

Lighthouse chief executive Malcolm Streatfield (pictured) says: “The strong result from today’s meeting supports our view that Intrinsic and Quilter are an excellent fit for our business.

“We would struggle to find a more complementary business and we look forward to working closely with them as we look to complete the deal and build a stronger combined business.”

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