Harwood buys adviser network for £4m

Network posted £24k pre-tax loss

Discretionary wealth firm Harwood Wealth Management has bought adviser network Network Direct (NDL) for £4m, in a bid to expand its reach across the UK.

Wolverhampton-based NDL has 107 advisers operating nationwide with assets under influence (AUI) of £1bn. The acquisition was Harwood's biggest deal to date and will bring the firms' combined AUI to £3bn. Harwood paid £1m in cash, with the remainder payable based on the performance of NDL over the next five years. It estimated it will inject a further £250,000 of capital at completion to ensure capital adequacy post-acquisition. Harwood plans to grow the company by extending its provision of investment and pension advice, management and administration to the clients of NDL. Fo...