Advisers look to Europe for growth

May 8 2008 by Peter McCusker, The Journal

A NORTH EAST financial adviser plans to expand into Continental Europe after buying a rival.

Newcastle group Lowes Financial Management, which manages more than £400m for thousands of clients nationwide and has an annual turnover of £3.3m, has acquired Premium Independent Financial Management, also in the city.

Established by Ken Lowes in 1971, the business has been run by his son Ian since Ken’s retirement in 2002.

Premium was founded by Bulgarian-born Boyan Tsonchev, who says he has been looking for a suitable company to take over his 300-client portfolio for some time.

Lowes has also set the ball rolling for European expansion by registering as a financial adviser with every regulatory body in the EU.

Mr Lowes said: “We have secured a tie-up with a firm of accountants and we will soon be in a position to offer our service to the expat community in the Marbella area.”

It was also looking at taking the service into Ireland and Bulgaria. Mr Lowes said: “This merger is just the start of a really exciting time for Lowes. We’re hoping there’ll be more of the same in the coming months, and I’m certain we’ll go from strength to strength.”

However, he added: “This business is based on our ability to build up a personal relationship with our clients. If we expanded too much, the business would lose that intimacy. Any expansion will be tempered by our desire to maintain our current level of service.”

Mr Tsonchev, who has more than 20 years’ experience in the business, said: “It wasn’t easy to find someone who I was willing to pass my clients on to – some of them have entrusted me with their financial stability for the last two decades and it’s incredibly important to me that they’re well looked after.

“But I’m happy that they’re in safe hands with Lowes. I chose them because, although they have a nationwide client base, they still manage to provide that personal touch my clients are used to.”