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Skipton buys 86 per cent stake in Torquil Clark

The Skipton Building Society Group has acquired an 86 per cent shareholding in Torquil Clark in a bid to strengthen its financial advice offering.

This is the fourth financial advice company within the Skipton Group and brings the total number of subsidiaries to 20.

Torquil Clark is a financial advice company founded in 1989 which employs 120 staff including 17 advisers and has £610m of funds under management.

Torquil Clark will continue to be run as an independent company and will retain its brand but will now report to Skipton’s main board of directors.

The company operates from offices in Wolverhampton and the Lake District.

Skipton group corporate development director David Cutter says: “We already have a strong presence in the IFA market with our existing subsidiaries Skipton Financial Services, Pearson Jones and Parnell Fisher Child, so the fit of Torquil Clark in the Group is obvious.

“The company is well-respected by the industry and customers alike, matching the reputation of our existing companies, and the potential for growing this business is substantial.”

Torquil Clark managing director John Chapman says: “We are delighted that Torquil Clark has become part of the Skipton Group. The backing of such a secure and respected institution will give us the ability to expand the business, whilst the continuity of management within the company, and the retention of the brand, gives comfort to staff and clients alike.”

Torquil Clark founder and principal shareholder Don Clark says: “I am delighted to be able to leave the company in the hands of a very capable management team, with the backing of a strong mutual building society, with whom I have felt Torquil Clark has a strong cultural fit from the moment our discussions began.”

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