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European Wealth boosts assets £120m with adviser buyout
by David Campbell on Oct 19, 2012 at 09:40
European Wealth Management (EWM) has bought out Worcester financial planning business Bradley Stuart, representing its fourth acquisition in the last two years and increasing its total assets by £120 million.
The company has grown its asset base from an initial £20 million to a current figure of around £500 million. Bradley Stuart last year delivered turnover of around £1.28 million.
‘We are delighted to welcome Bradley Stuart to the European Wealth group,’ said EWM chief executive Rod Gentry (pictured), a former Wealth Manager coverstar.
‘Including the acquisition, European Wealth will have increased its AUM by more than 200% over the last six months.
‘As well as acquisitions, European Wealth intends to continue to recruit successful teams and individuals across London and the Midlands to join our expanding business,’ Gentry added.
The acquisition will be funded from cashflow and by £450,000 in structured convertible lending provided by EWM parent group Kingswalk Investments, paying interest at an annual 10%.
The purchase extends the company’s geographical reach in the south west. The company already has offices in London, Brighton, Maidstone and Cheltenham.
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