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Sumus acquires majority share of IFA Deverill Black

Sumus has acquired 50.1 per cent of share capital of Bristol-based IFA firm Deverill Black and Company for £750,000 and reported a 40 per cent profit increase.

The transaction is made up of £525,000 cash and £225,000 payable in 512,528 new Sumus ordinary shares, both payable on completion.

The parent of Falcon Group and Scottish network Financial Services Advice & Support has just reported its six-monthly results showing an £550,000 pre-tax profit.

The group’s gross turnover doubled from £7m in 2006 to £14m to the six months ended March 31, 2007.

Deverill Black is and will remain as, an appointed representative of Falcon and for the year ended November 30, 2006, reported turnover of £921,000 and profit before tax of £347,000.

Deverill Black principal Iain Kerr Black and his wife Jane will retain a combined 49.9 per cent interest in the issued share capital of Deverill Black and will continue to focus on growing the business in a profitable manner and increasing the value of its annually recurring income.

Sumus chief executive Allan Rosengren says: “Deverill Black has been an AR firm of the Falcon Group since 2001. It is a quality business that we know well, with a higher than average proportion of recurring revenues and significant funds under advice.

“Certain of the asset managers which it works with are highly selective as regards the advisers they choose to deal with and these are supply relationships that we are keen to protect. I am delighted that Iain has selected Sumus as his ideal business partner to assist him in deriving value from, and adding value to, Deverill Black over the long term.”

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