Carterbar makes second acquisition within months

Aug 19 2008 by Iain Laing, The Journal

A FINANCIAL advice company has made its second acquisition within months and promises more purchases are on the way.

Billingham-based Carterbar has just bought Chopwell firm Graeme Watson Independent Financial Advisers, which brings it a customer base of 70 investors.

Craig Dyball, one of Carterbar’s directors, said: “Graham was seeking to retire and we could see the potential in taking over his business, which brings us a further seventy investors.

“This is our second acquisition in recent months and allows us to further expand our base in Tyne and Wear.”

The 12-year-old firm, which had just announced record financial results, had just completed the acquisition of Sunderland firm Retirement Options Wearside. Carterbar said it had more than doubled its turnover in 12 months from £410,000 to £860,000 and believes there is still considerable optimism among investors.

Director Arthur Dornan said: “The results show what we have been saying for some time, that despite the uncertainty caused by the problems at Northern Rock and the credit crunch, there is still cause for optimism in the North East economy.”

Mr Dyball said: “If you look around Teesside, where we are based, there is massive investment in new companies and business developments and I think that is an indication of the confidence many people still feel.

“We have enjoyed a period of fabulous growth and the results underline that.”

And the company’s financial planner Suzanne Cox said the company is currently looking for further acquisitions in the region.

She added: “Our investors do hear the talk of uncertainty and slowdowns in the housing market, but our experience is that they recognise that there are still good investments to be made.”

Mr Dyball said: “Despite the uncertainty in the financial markets, we believe people still want to invest as long as they can receive the right advice. That is what we provide.”

Despite the uncertainty there is still cause for optimism in the North East economy