Sumus has paid 750,000 for a controlling stake in Bristol IFA Deverill Black & Co.
Sumus has paid 525,000 cash up front and 225,000 in share capital for a 50.1 per cent stake in the firm, which has two registered individuals.
Deverill Black principal Iain Kerr Black and wife Jane retain the remaining 49.9 per cent share of the firm.
Sumus chief executive Allan Rosengren says the company, which is listed on the Alternative Investment Market, aims to grow organically and through acquisitions. It will consider buying additional small firms but is also open to merging with or acquiring another big group, saying it is in discussions with several companies.
Rosengren says: “I think it would not be sensible to rule out any opportunity.”
Sumus’s six-month results to March 31 show a 550,000 profit and rise in gross turnover to 13.95m from 6.99m in the previous six months.
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. We are a very financially strong and stable business and are not needing to be acquired by anyone else. From top-line turnover to bottom-line costs, we have no reason to look elsewhere.”