European Wealth buys Surrey-based IFA firm

Weath manager European Wealth has completed its first acquisition after buying IFA Compass Financial Benefits, using the proceeds of a ££725,000 share placing to fund the takeover.

In April, the wealth management group listed through a reverse acquisition for a total of £7.1m, with the aim to grow through further acquisitions in the UK market. It has now followed this up with the takeover of Compass, an IFA business with £31m of funds under influence based in Surrey. Last year, its turnover reached £434,230 and it recorded a pre-tax profit of £154,250. However, not all of the money raised during the share placing was spent on the takeover, which cost the wealth manager a total of £539,150. The business will be relocated and fully integrated into European Weal...