Wealth manager European Wealth has completed the £3m acquisition of IFA business ISM Solutions it announced in its annual results in May.
The firm has already paid £1.25m in cash to be followed by a further £1.75m in cash and shares within 12 months' time, dependent on ISM's recurring revenue in the year. For the full year to 31 March, the London-based IFA had a turnover of £1.1m, around 92% being recurring income, and a profit before tax of £114,986. Its aggregate net assets stood at £29,000. In its latest set of results in May, European Wealth announced it raised £2m to fund this acquisition, as well as other potential bolt-on acquisitions in the future. Growth strategy: European Wealth hits acquisition trail as ...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes