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Medical deal is just the tonic for Skipton

Skipton Building Society&#39s IFA division has bought Hertfordshire IFAs MIA Financial Services and the MIA group for an undisclosed amount.

The deal for MIA, which specialises in providing advice for medical and dentistry professionals, increases RI numbers in its IFA division Skipton Financial Services from 85 to 140.

Skipton estimates that the MIA deal will increase turnover to £20m from £12m by the end of 2003.

This is the first move in a distribution acquisition programme. Skipton group intends to acquire two or three more businesses with a similar £5m turnover by the end of the year.

Skipton started its distribution expansion in January with a 75 per cent stake in IFA Pearson Jones.

It is looking to buy fee-based practices or businesses with a strong brand and regional presence.

Skipton Financial Services managing director Simon Holt says: “The programme is not a driving force to obtain RIs but we need to increase the scale of the business. Two or three years down the line, there will only be 15-20 major distributors and we want Skipton to be at the top table.”

MIA chief executive Martin Leadbetter says: “MIA&#39s ambitions will be better achieved as part of SFS, which can provide the necessary financial muscle, management and support services needed to reach its full potential.”

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