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Summit sets long-term Aim

IFA group Summit Financial Holdings is joining the Ofex share trading platform to raise £487,500 as a stepping stone to an Aim flotation.

It is closing Summit Financial Solutions Limited – Berkeley Independent network&#39s biggest member with 44 RIs – and moving the RIs to a new directly-regulated firm, Summit Financial Solutions.

It has set up the new firm to avoid losing business while waiting for its PIA application to be approved. SFS Ltd will continue trading in the meantime.

National IFA support services company Berkeley Morgan Exchange is underwriting the placement and will take a stake of up to 20 per cent. Summit will also buy compliance services from Berkeley Morgan.

Summit, set up in 1999, aims to increase turnover to £2.5m from over £1m last year.

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