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PIFC on the buying trail to boost turnover

Corporate IFA PIFC Benefits Consultants is on the acquisition trail in a drive to expand its turnover to £50m by 2005 from its current £10m a year.

It has appointed KPMG as corporate adviser, PricewaterhouseCoopers as auditor and Cameron McKenna as its lawyer to consider a range of options on the future of the firm, which has 24 RIs and 100 staff.

PIFC says it is in acquisition talks with four to five firms based in Leeds, Reading, Liverpool and London.

It says it would also consider approaches from inv-estors as part of its development drive. Presently, its main shareholder is private equity firm Graphite Capital, which owns 33 per cent.

PIFC&#39s business is twothirds benefits consulting and one-third financial planning. It claims to be one of the biggest group personal pension brokers in the market and says it would like to expand it business in the human resources sector.

Its headquarters are in London, with offices in Bedford, Exeter and Surrey.

Chairman Peter Penington-Leigh says: “We have not sat down and worked out what we are going to do. We are looking at acquisitions and also for people who might invest in us.

“We are not up for sale and if someone comes along with a good offer we would pay it lip service.”

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