Takeover gives IFA funding to expand
Dec 1 2008 by Karen Dent, The Journal
ONE of the region’s biggest independent financial advisers has secured the funding to expand after being acquired by a larger national firm.
Rutherford Wilkinson, which has a £2.5m turnover and employs 16 advisers, was snapped up by the Perspective Financial Group for an undisclosed sum.
The Newcastle firm will retain its name and management team, and will become the regional hub for its new parent company.
It is the sixth financial services firm to be bought by Perspective, which was formed in April this year as a consolidation vehicle for the financial services industry. The acquisition boosts Perspective’s annual turnover to £8m and gives it a geographical spread from Newcastle to Harrogate, Otley, Wilmslow, Milton Keynes and Cambridge.
Rutherford Wilkinson plans to use the security of a large group to expand its business by acquiring other firms working in similar sectors.
Chief executive Peter Rutherford said: “It secures everybody’s future here and gives us the opportunity to grow the company.
“We are looking to absorb other financial services firms and grow that way.
“We are looking for similar sorts of firms that specialise in high value and the more affluent, and we also have a strong corporate department.”
Remaining independent would have prevented the firm from meeting its ambitious growth plans but the additional funding and support from Perspective means it will be able to fulfil those aims, added Mr Rutherford.
Perspective is currently talking to a further four firms and has plans to make at least eight acquisitions next year.
Managing director Damian Keeling said: “The purchase of Rutherford Wilkinson announces our serious intent and the growing strength of the Perspective Group in the IFA sector.
“This particular purchase is key for Perspective due to the fact Rutherford Wilkinson is such a well-respected, successful firm with considerable financial strength.
“By bringing the firm under the Perspective umbrella, we have also greatly enhanced Perspective’s geographical spread into the North East of the country.”
