Harwood Wealth Management Group, a discretionary wealth manager headquartered in the UK, has signed contracts to acquire financial advisory businesses Goldwyns Wealth Management and Andrew Routley Pension.
The deals for Southend on Sea-based Goldwyns and Portsmouth-based Andrew Routley are valued at £0.8m and £0.6m, respectively.
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The Goldwyns deal closure is anticipated in October 2019, while the Andrew Routley deal is expected to complete this December.
At the same time, Harwood wrapped up the purchase of Patricia Hodge for £0.4m.
All the three transactions involve payments of 50% consideration upon deal closure.
The remaining consideration will be paid in two tranches of 25% each over the next two years depending on the fulfilment of certain targets.
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By GlobalDataHarwood chairman Peter Mann said: “In line with our strategy, we continue to make quality acquisitions and I am pleased to welcome the staff and clients of Goldwyns, Routley and Hodge to Harwood.
“We continue to see a healthy pool of acquisition opportunities ahead of us and, as communicated at the Group’s interim results, are working on several acquisitions at various stages of progress.”
Earlier this year, Harwood snapped up Castleton Financial Planning that has offices in Somerset and Dorset.
Harwood also carried out consolidation activities last year.
The firms acquired by Harwood in 2018 include Berkshire-based Fund Management and Plan65, as well as Southampton-based AE Financial Services.
