UK advice firm Ascot Lloyd has acquired Newell Palmer, a financial planning business in the West Midlands.
Newell Palmer will add over £12m ($15.3m, €13.4m) in revenues to Ascot Lloyd Group. The acquisition means that Ascot Lloyd expects turnover in excess of £50m in 2019.
In addition, the deal will add a further £1.3bn in funds under influence to Ascot Lloyd. This will take total FUI to over £7bn of client funds within the firm, which will now have more than 100 advisers.
Nigel Stockton, chief executive of Ascot Lloyd, said: “This is an important acquisition for Ascot Lloyd, adding an outstanding business of significant scale to the group.
“The deal also showcases the strength of Ascot Lloyd as one of the few IFA companies with proven capability in purchasing and integrating a business of Newell Palmer’s size.
“This is the third year running, following EFG, Pantheon and the Bellpenny merger, in which we have completed a major acquisition, and this will continue to be part of our strategy.”
A powerful player
The Newell Palmer acquisition, with its presence in the West Midlands, will complement Ascot Lloyd’s existing footprint and add a further office in Wolverhampton alongside satellite offices in Nuneaton and Bromsgrove.
Initially, Newell Palmer will retain its name before rebranding to Ascot Lloyd in the second half of 2019.
Stockton added: “Newell Palmer’s regional presence, combined with our existing offices, will make us a powerful player in the West Midlands. Having spent a significant part of my career managing businesses based here, I am delighted that we have built such a deep offering in the region.”
The financial terms of the deal were not disclosed.
Philip Stepp, group managing director, Newell Palmer, said: “This is great news for Newell Palmer and our clients.
“We have known Ascot Lloyd’s management for well over 18 months and I strongly believe that their commitment to IFA and brand strength make it a perfect home for us.
“We will look to continue our track-record of growth and client excellence. It is both the right platform and an excellent cultural fit for Newell Palmer and we look forward to working closely with Nigel and the team as part of the Ascot Lloyd group.”
