Skipton Building Society Group has bought an 86 per cent shareholding in Torquil Clark in a bid to strengthen its financial advice offering.
Skipton now owns four financial advice companies with a total of 191 advisers, with the other three being Skipton Financial Services, Pearson Jones and Parnell Fisher Child.
Torquil Clark will continue to be run as an independ- ent company and will retain its brand but will now report to Skipton’s main board of directors. The other 14 per cent of the company will be owned by the existing management team.
The firm employs 120 staff, including 17 advisers and has £610m of funds under management. It operates from offices in Wolverhampton and the Lake District.
Skipton group corporate development director David Cutter says: “The company is well respected by the indus- try and customers, matching the reputation of our existing companies, and the potential for growing this business is substantial.”
Torquil Clark managing director John Chapman says: “The backing of such a secure and respected institution will give us the ability to expand the business while the continuity of management within the company, and the retention of the brand, gives comfort to staff and clients.”