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Sumus listing set to boost IFA numbers at Falcon

IFA network Falcon is planning to increase its IFA membership by one-third through a successful Aim listing of parent Sumus.

Falcon is hoping to inc-rease the number of advisers it services from 122 to 160 by September.

Falcon has grown organically and through the addition of IFA firms. The group hopes an Aim listing will attract further IFA advisers and firms through direct part-ownership and co-venture structures.

Founded in 1983 by group chief executive Allan Rosengren, Falcon declared a turnover of 8.1m in the nine months to September 30 and profit before tax of 453,000.

Sumus group chief executive Rosengren says: “As a result of listing on Aim, we will be in an even better position to accelerate our well established, profitable growth record in a market which is highly fragmented and where the need for consolidation is being further accentuated by the increasing burden of regulation and the cost and availability of professional ind-emnity insurance.”

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