Multi-channel distributor Thinc Group has acquired IFA firm Fenton Financial Services as part of its expansion programme.
Fenton was established in 1980 and last year it rep-orted turnover of £1.3m. The firm specialises in the corporate marketplace and group personal pensions.
Thinc signed up its first multi-tie agreement with Friends Provident in September. Thinc chief operating officer Simon Chamberlain says the firm envisions that the marketplace will move to a much bigger multi-tie environment next year.
It now has 150 regulated mortgage and life intermediaries and the projected turnover for this year is £12m from the group's 11 offices. Thinc says it hopes to expand the business to 500 RIs by 2005 and will continue to look at further acquisitions.
Chamberlain says: “Fentons Financial Services was a target for us because of its well respected reputation among leading product providers. Thinc's strategy is to become the predominant national brand for advice in the UK.”