Towergate Financial Services has acquired Albannach Financial Management marking the first move in its plans to become an IFA consolidator.
Albannach is a firm of wealth management, financial planning and mortgage specialists based in Scotland with 42 staff.
Under the terms of the deal, Laurie Dempster will remain as managing director and will continue to grow the business alongside his current management team.
The 42 staff will continue to operate from their offices based in Edinburgh and Glasgow whilst looking to expand their Scottish presence.
Towergate Financial Services chairman Patrick Snowball says: “I am absolutely delighted to welcome Laurie Dempster and the team from Albannach into Towergate Financial Services. This acquisition will form the basis of our consolidation plans in Scotland and the north of England. Over the next three months we will be announcing further moves as we execute our consolidation model for the IFA market”.
Dempster says: “Joining forces with Towergate Financial Services at such an early stage of its development is a very exciting opportunity and presents us with the ability to enhance our client proposition whilst maximising the growth opportunities available through organic development and further acquisitions.”