An advice consolidator backed by Fusion Asset Management has bought Galashiels-based Lowland Financial.
Under the terms of the deal Loyal North has purchased Lowland Financial shares from managing director Graeme Mitchell (pictured).
Loyal North will takeover from Mitchell in the next three to five years, as he prepares for retirement.
'You spend your life advising other people on retirement, and it is naive not to do the same for yourself,' Mitchell said. 'Increasingly, my clients have been asking when I am going to retire, and now that the right time, the right company and the right circumstances have arisen, it is great to give them peace of mind.'
Fusion Asset Management established Loyal North last year. The asset manager, which is owned Russian-born businessman Kirill Ilinski, handed the advice arm £40 million to buy firms around the UK.
Lowland Financial rejected bids from other consolidators before striking the deal with Loyal North through brokerage firm Retiring IFA.
‘I love sitting down with clients and helping to plan for their lives, and I will be around for around three to five years, and may continue part-time after that. Loyal North seem very flexible, and I am nowhere near ready to step away just yet,’ Mitchell said.