Perspective Financial Group has announced plans to float on the Alternative Investment Market in a bid to raise £28m.
Perspective was established in April 2008 and provides whole of market financial advice to approximately 84,000 private clients and around 500 corporate pension clients. It currently has over £2.5bn of assets under management.
The firm says its growth strategy is founded on purchasing and integrating RDR compliant financial advisory businesses with high EBITDA margins, recurring income and cash flow and robust compliance standards.
It has made 31 acquisitions to date and has 12 in the pipeline, with terms agreed for six acquisitions and three expected to close during August.
Perspective says admission to AIM will enable it to raise capital to accelerate its core acquisition strategy in conjunction with rebalancing its capital structure significantly reducing interest costs.
Proceeds will principally be used to partially repay existing bank debt and to pay corporate bond holders, fund the immediate acquisition pipeline and for working capital purposes.
Shore Capital is acting as nominated advisor and broker.
Perspective chief executive Damian Keeling says: “We set up Perspective in 2008, specifically to take advantage of the opportunities in the UK financial advisory market, resulting from the recent introduction of the RDR. Since inception, Perspective has continually delivered strong profitable growth driven by our core acquisition and integration strategy and as the group builds on this momentum, an IPO is the logical next step.
“We believe that Perspective offers investors a unique way to capitalise on these changes to the UK financial advisory market whilst the shifting demographics and the need for individuals to take responsibility for their own financial advice also supports our business model and future growth.
“The quality of Perspective’s existing business and its ability to identify, acquire and integrate high quality franchises make it a highly appealing business that is well positioned for further growth. We look forward to life as a listed company and delivering value for our shareholders in the years to come.”