IFA firm Ascot Lloyd has agreed to acquire UK-based Prest Financial Planning and QS Financial.
Prest Financial Planning is a Stockport-based IFA, which has six financial planners and 26 employees in total.
It reported £3m ($3.7m, €3.4m) in revenues, over £1m in earnings before tax and manages approximately £350m in assets.
Following completion, Prest will transition to the Ascot Lloyd brand.
QS Financial, based in Bromsgrove, Worcestershire has over £65m in funds under management.
The financial terms of the deals were not disclosed.
Strategy
Nigel Stockton, chief executive of Ascot Lloyd, said: “Prest and QS Financial are two more high-quality acquisitions for Ascot Lloyd, continuing our track record of identifying strong businesses that represent a good fit with our culture and commitment to client excellence.
“This also continues our strategy of growing our regional footprint; Prest helps us establish a good presence in the north west, an attractive area in which we want to grow the Ascot Lloyd brand.
“Equally, QS Financial builds on our strength in the west Midlands.”
This is the firm’s first M&A activity in 2019.
The last deal was in December 2018, when Ascot Lloyd acquired Newell Palmer, a financial planning business in the west Midlands.
