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Lighthouse&#39s Hamson buys founding firms as he steps down

Lighthouse joint managing director Nick Hamson has stepped down from the

board and bought out the group&#39s two only wholly-owned IFAs and founding

firms.

Hamson, with fellow board member Matthew Goldsmith, owned the City and Kent

firms when Lighthouse was first established and Hamson has continued to run

the firms while performing his duties as joint MD of the group. However,

under the deal, worth £400,000 to be paid over six years, he will

dedicate himself to running the two firms which cater for high-net-worth

individuals.

Lighthouse City and Light-house Kent had an estimated joint turnover last

year of £420,000 and a pre-tax loss of £288,000. The disposal of

the firms by Lighthouse will free the group of its debts of £280,000

which are all owned by Lighthouse Kent.

The firms will continue to operate as Lighthouse practices alongside the 50

other practices in the group which are run on a franchise basis.

The Lighthouse group has also appointed former joint managing director

(operations) Malcolm Streatfield as chief executive. He joined Lighthouse

in March 2002 as part of the acquisition of Berkeley Wodehouse Associates.

Lighthouse chairman David Hickey says: “The disposal of our City and Kent

subsidiaries further strengthens the group&#39s financial position,

eliminating our small amount of debt.”

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