8th
August 2005
Deal
establishes Cullen as a leading IFA in the North
One
of the North West’s leading independent financial
planning consultants, Stockport-based Cullen Financial Planning,
is set for further expansion after signing an agency agreement
to acquire the clients and business of Rochdale firm, MoneyPlan
Financial Services Ltd.
The
deal will see the transfer of over 1,000 corporate and private
clients into the Cullen portfolio, immediately create a
27-strong company with a turnover in excess of £2.5m
and establish it as one of the leading independent consultancies
in the North of England.
Itself
a well-established IFA of some 15 years, MoneyPlan is a
leading authority on investment-based advice, a specialism
which fits well with Cullen’s existing portfolio of
financial services products and will help consolidate its
expansion into the corporate sector.
Under
the new agreement, MoneyPlan’s founders and directors,
Tim Kirkby and John Clow will be retained as senior consultants
on a long term basis. They will continue to work out of
their Rochdale office alongside their existing business
and sales support staff.
This
latest deal confirms an active business acquisition and
integration strategy within Cullen, which has delivered
significant growth in the past 18 months. In March 2004,
its purchase of a sole trader’s client base immediately
increased income by over £100K and just under 12 months
ago it was appointed to represent a 500-strong corporate
group’s personal pension scheme in another important
deal.
Managing
director, Andrew Tyler is delighted with the business development
programme: “In an increasingly fragmented marketplace,
this latest deal undoubtedly confirms Cullen as one of the
ten largest IFA’s in the North of England.
“As
a company we are always looking to expand our skills set
and expertise and MoneyPlan’s product portfolio and
client base represented an ideal fit with our existing offer.
Moreover, it is a well-established firm run by people who
we like and respect and who we believe can help drive our
strategic business growth.”
Lawyers
on the deal were Manchester-based Lockett, Loveday and McMahon,
and accountants, Hurst & Co of Stockport.
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