Perspective pounces on Applewood
Perspective Financial Group, a consolidation vehicle for IFA firms, has bought Oswestry-based Applewood Wealth Management. Cheshire-headquartered Perspective, which has already acquired six businesses this year, said it expects to buy “at least” another two before the end of 2010.
Applewood is one of the larger firms to join Perspective with a total of 16 staff members. The firm was established in 1992 and is run and owned by managing director Karl Hartey and director Gillian Cowling.
The firm has a turnover of approximately £1.7m per annum.
The acquisition of Applewood, which also has a site in Chester, is Perspective’s 18th. The company said it expects to make “at least two further purchases” before the end of the year.
With its acquisitions, Perspective expects its annual turnover to increase to about £16m.
Damian Keeling, managing director of Perspective Financial Group, said the acquisition was “sizeable and significant”.
He said: "It adds considerably to our group turnover, funds under advisory and management, while boosting our overall recurring income. The management team at Applewood have already built a profitable operation and a strong client bank within the Shropshire and Cheshire area and we believe the firm will be able to continue its growth and development with the help of the Perspective offering."
