IFA consolidator Perspective Financial Group has put itself up for sale.
The group has hired KPMG to hold an auction for the group and expects to raise between £60 million and £80 million according to the Manchester Evening News. The paper also reported that the deadline for the first round of bids was last Friday,
Perspective declined to comment but a spokesman for the group said: 'I can confirm that KPMG are Perspective’s long-standing business consultants and that the backers of Perspective are always looking at options for future growth.'
The group, whose managing director is Damian Keeling (pictured), recently recorded a pre-tax loss of £1.9 million over 2011 despite increases in assets and turnover. That was down from a profit of £113,000 in 2010.
New Model Adviser® understands Paul Hogarth and Anthony Morrow, partners at Paradigm and major shareholders of Perspective, would look to sell their stakes as part of any deal.
New Model Adviser® also understands the group is looking for a private equity business or life company to put a bid in to provide additional resources into the business.