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Virtual Net doubles RIs with deal for Eurosure

Internet-based IFA Virtual Net has clinched a deal to buy IFA Eurosure Investment Services&#39 170 advisers.

The acquisition will boost Virtual Net&#39s membership to 320 RIs and comes after Eurosure decided not to renew its professional indemnity insurance.

Eurosure, which is based in Boston, Lincolnshire, was an IFA firm for 25 years before relaunching as network EIS in 1994 and eventually expanding across the UK.

The firm has experienced regulatory difficulties in the past, facing an FSA public censure over pension review failings in January and was hit with a £10,000 fine in November 2001 concerning the pension review and compliance failings.

Despite having been in talks with Virtual Net for the past 12 months, it is thought Eurosure made the decision to sell after deciding its PI cover renewal quote was too expensive.

The two groups announced an agreement this week for the 170 advisers for an undisclosed sum.

Virtual Net says the purchase is the first of a series that it plans to make in the next year.

Virtual Net chief executive Junior Sobowale says: “We are a very successful IFA network that has brought a new business model to the marketplace. It has been very effective and on that basis we see no reason why all the Eurosure advisers would not want to come across to us. We see this deal as a springboard for us at the beginning of our acquisition programme.”

Eurosure Investment Services director Kevin Barclay says: “We are happy that the deal has been completed successfully and now look forward to our members enjoying the benefits of tomorrow&#39s technology for IFAs.”

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