The Certus Partnership has bought an advice business with £15 million of funds under management from a firm of accountants.
Certus bought Blake Financial Services and its 300-strong client bank after its only adviser retired. The Hampshire-based firm has already recruited an adviser to run its new business in Bridgewater, Somerset.
The buyout deal means Certus will receive all the IFA referrals from the high street general insurance broker Higos, which bought Blake’s GI business.
Certus said it hoped the takeover would be a cornerstone to build on these existing and new professional contacts in the West Country.
‘In terms of due diligence, this was one of the best looking businesses I have ever seen; it was too good an opportunity to turn down,’ said Jim McIntosh, managing partner at Certus.
The deal marks a new direction for Certus after shrinking to just two advisers, partners McIntosh and John McNamara, after two others advisers left last month to join national IFA 2Plan.
Now Certus wants to recruit a paraplanner to support its business while it works more closely with a national law firm and local solicitors and accountants based near the Bridgewater office.
Certus, with its £35 million funds under management, has also been busy overhauling its IT and back office in the past year and now has its Mifid passport. The firm declined to reveal how much it paid for Blake Financial Services.