European Wealth has acquired Bells Financial Planning, the financial planning arm of legal firm Bells Solicitors, for £675,000.
Based in Farnham, Surrey, Bells Financial primarily advises HNWIs and private clients in the Farnham area.
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Under the terms of the deal, European Wealth will pay 80% of the acquisition cost in cash, with the remaining 20% to be satisfied through the issue of 53,333 new shares.
The acquisition will comprise an initial £224,000 payment on completion of the acquisition, a maximum payment of £302,000 on the 14 month anniversary of the completion and a maximum of £148,000 payable 24 months after completion of the deal.
Following the acquisition, Bells Financial Planning will be rebranded under the European Wealth banner and will bring the group’s financial planning team to over 35 staff spread across its five offices.
European Wealth executive chairman John Morton said: "Not only are we able to provide a meaningful exit for the owners of the business for whom the financial planning aspect was on core, but our systems mean the business can be easily integrated into our Group thereby ensuring a near seamless transition for the underlying clients."
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