British advice firm Bellpenny has purchased Surrey-based IFA Legal & Professional Services for an undisclosed sum, adding £40m in funds under management to its portfolio.
Post acquisition, Legal & Professional Services’ existing owner and chief executive David Sowerbutts will retire.
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Legal & Professional Services, which operates in Farnham with 500 active clients, employs one other adviser as well as one member of support staff. None of them will join Bellpenny following the acquisition.
Bellpenny CEO Kevin Ronaldson commented, "When Bellpenny buys any IFA business we are all too well aware that we must justify the huge amount of faith and trust that is being invested in us by the seller. Somehow this responsibility feels all the greater when, as in this instance, a single individual has set up, grown and cultivated the business over a period of many years.
"I can assure David that, in taking up his mantle, we will spare no effort in nurturing the excellent client relationships that are so much in evidence in his company."
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