Skerritts, the UK independent financial advisory and wealth management business backed by Sovereign Capital Partners, has acquired Ellis Bates Financial Advisers, a Harrogate-based firm.
The transaction will complete on the 30 September 2024.
In a statement today (17 September0 Skerritts said this acquisition significantly strengthened Skerritts’ presence in the North of England and follows its purchase of Chester-based Chadwick McLean in December 2023.
The addition of Ellis Bates brings over 3,500 clients and more than £1bn in assets under management, raising Skerritts Group’s total AUM to £3.5bn.
Since Sovereign’s investment in 2021, Skerritts has made 14 acquisitions, including the recent purchases of Black Swan Financial Planning and KMG in July 2024.
Alex Hay, partner, Sovereign Capital Partners, said: “We are delighted to support Skerritts in their continued growth and success. The acquisition of Ellis Bates is a significant milestone, further solidifying their presence in the North of England. Skerritts’ strategic expansion demonstrates their commitment to delivering high-quality financial advice and wealth management services across the UK. We are proud to be part of their journey and look forward to seeing their continued success in the future.”
Paul Feeney, CEO, Skerritts, said: “I am delighted to welcome the great team at Ellis Bates to the Skerritts Group. This acquisition continues our mission of becoming Britain’s Premier Chartered Financial Planner. Ellis Bates will bring a strong Northern base to the Skerritts Group, with a highly experienced and talented team, and we are incredibly excited to be working together.”
Michael Cope, managing director, Ellis Bates, said: “We have known the Sovereign and Skerritts teams for some time now and have been impressed with the robust expansion they have achieved through their Buy & Build strategy. With a 40-year history behind us we are incredibly proud of the business we’ve built but equally ambitious to keep growing and ensure a successful future for our clients and our team.”
